 AB
National Portfolio(Class
A–ALTHX; Class C–ALNCX; Advisor Class–ALTVX) |
AB
New Jersey Portfolio (Class
A–ANJAX; Class C–ANJCX) | |||
|
AB
High Income Municipal Portfolio (Class
A–ABTHX; Class C–ABTFX; Advisor Class–ABTYX;
Class Z–ABTZX) |
AB
New York Portfolio (Class
A–ALNYX; Class C–ANYCX; Advisor Class–ALNVX) | |||
|
AB
California Portfolio (Class
A–ALCAX; Class C–ACACX; Advisor Class–ALCVX) |
AB
Ohio Portfolio (Class
A–AOHAX; Class C–AOHCX) | |||
|
AB
Arizona Portfolio (Class
A–AAZAX; Class C–AAZCX; Advisor Class–AAZYX) |
AB
Pennsylvania Portfolio (Class
A–APAAX; Class C–APACX) | |||
|
AB
Massachusetts Portfolio (Class
A–AMAAX; Class C–AMACX; Advisor Class–AMAYX) |
AB
Virginia Portfolio (Class
A–AVAAX; Class C–AVACX; Advisor Class–AVAYX) | |||
|
AB
Minnesota Portfolio (Class
A–AMNAX; Class C–AMNCX) |
||||
|
Ø Are Not
FDIC Insured
Ø May
Lose Value
Ø Are Not Bank Guaranteed |
| Page | ||||
| SUMMARY INFORMATION | 4 | |||
| 4 | ||||
| 8 | ||||
| 13 | ||||
| 18 | ||||
| 23 | ||||
| 28 | ||||
| 32 | ||||
| 36 | ||||
| 40 | ||||
| 44 | ||||
| 48 | ||||
| ADDITIONAL INFORMATION ABOUT THE PORTFOLIOS’ STRATEGIES, RISKS AND INVESTMENTS | 53 | |||
| INVESTING IN THE PORTFOLIOS | 62 | |||
| 62 | ||||
| 64 | ||||
| 65 | ||||
| 66 | ||||
| 67 | ||||
| 67 | ||||
| 69 | ||||
| 69 | ||||
| 70 | ||||
| 71 | ||||
| MANAGEMENT OF THE PORTFOLIOS | 72 | |||
| DIVIDENDS, DISTRIBUTIONS AND TAXES | 74 | |||
| GENERAL INFORMATION | 76 | |||
| GLOSSARY | 77 | |||
| FINANCIAL HIGHLIGHTS | 78 | |||
| APPENDIX A—HYPOTHETICAL INVESTMENT AND EXPENSE INFORMATION | A-1 | |||
| APPENDIX B—FINANCIAL INTERMEDIARY WAIVERS | B-1 | |||
|
Class A
Shares |
Class C
Shares |
Advisor Class
Shares | ||||
|
Maximum
Sales Charge (Load) Imposed on Purchases
(as
a percentage of offering price) |
||||||
|
Maximum
Deferred Sales Charge (Load)
(as
a percentage of offering price or redemption proceeds, whichever is
lower) |
||||||
|
Exchange
Fee |
| Class A | Class C | Advisor Class | ||||||||||
|
Management
Fees |
||||||||||||
|
Distribution
and/or Service (12b-1) Fees |
||||||||||||
|
Other
Expenses: |
||||||||||||
|
Transfer
Agent |
||||||||||||
|
Other
Expenses(b) |
||||||||||||
|
|
|
|
|
|
|
|||||||
|
Total
Other Expenses |
||||||||||||
|
|
|
|
|
|
|
|||||||
|
Total
Annual Portfolio Operating Expenses Before Waiver |
||||||||||||
|
|
|
|
|
|
|
|||||||
|
Fee
Waiver and/or Expense Reimbursement(c) |
( |
( |
( |
|||||||||
|
|
|
|
|
|
|
|||||||
|
Total
Annual Portfolio Operating Expenses After Fee Waiver and/or Expense
Reimbursement |
||||||||||||
|
|
|
|
|
|
|
|||||||
| (a) |
| (b) | “Other
Expenses” includes acquired fund fees and expenses totaling less than
.01%. |
| (c) | The
Adviser has contractually agreed to waive its management fees and/or to
bear certain expenses of the Portfolio to the extent necessary to prevent
total Portfolio operating expenses (excluding acquired fund fees and
expenses other than the advisory fees of any AB Funds in which the
Portfolio may invest, interest expense, and extraordinary expenses), on an
annualized basis, from exceeding .75%, 1.50% and .50% of average daily net
assets, respectively, for Class A, Class C and Advisor Class shares.
In addition to that agreement, in connection with the Portfolio’s
investments in AB Government Money Market Portfolio (the “Money Market
Portfolio”) (except for the investment of any cash collateral from
securities lending), the Adviser has contractually agreed to waive its
management fee from the Portfolio and/or reimburse other expenses of the
Portfolio in an amount equal to the Portfolio’s pro rata share of the
Money Market Portfolio’s effective management fee. Each of the agreements
will remain in effect until |
| Class A | Class C | Advisor Class | ||||||||||
|
After
1 Year |
$ | $ | * | $ | ||||||||
|
After
3 Years |
$ | $ | $ | |||||||||
|
After
5 Years |
$ | $ | $ | |||||||||
|
After
10 Years |
$ | $ | $ | |||||||||
| * | If
you did not redeem your shares at the end of the period, your expenses
would be decreased by approximately $100.
|
| • |
forward
commitments; |
| • |
tender
option bonds (“TOBs”); |
| • |
zero-coupon
municipal securities and variable, floating and inverse floating-rate
municipal securities; and |
| • |
derivatives,
such as options, futures contracts, forwards and swaps.
|
| • |
Market Risk: The value of the Portfolio’s
assets will fluctuate as the market or markets in which the Portfolio
invests fluctuate. The value of the Portfolio’s investments may decline,
sometimes rapidly and unpredictably, simply because of economic changes or
other events, including public health crises (including the occurrence of
a contagious disease or illness) and regional and global conflicts, that
affect large portions of the market.
|
| • |
Interest Rate Risk: Changes in interest
rates will affect the value of investments in fixed-income securities.
When interest rates rise, the value of existing 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. |
| • |
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 the 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.
|
| • |
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, public health
crises, uncertainties related to the tax status of municipal securities,
and 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, public health crises (including the occurrence
of a contagious disease or illness) and catastrophic natural disasters,
such as hurricanes, fires 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.
|
| • |
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.
|
| • |
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 and accrued interest. 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. |
| • |
Tax Risk: There is no guarantee that the
income on the Portfolio’s municipal securities will be exempt from regular
U.S. federal, and if applicable, state income taxes. From time to time,
the U.S. Government and the U.S. Congress consider changes in U.S. federal
income 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.
|
| • |
Illiquid Investments Risk: Illiquid
investments risk exists when certain investments are or become difficult
to purchase or sell. Difficulty in selling such investments may result in
sales at disadvantageous prices affecting the value of your investment in
the Portfolio. Causes of illiquid investments risk may include low trading
volumes, large positions and heavy redemptions of Portfolio shares.
Illiquid investments risk may be higher in a rising interest rate
environment, when the value and liquidity of fixed-income securities
generally decline. Municipal securities may have more illiquid investments
risk than other fixed-income securities because they trade less frequently
and the market for municipal securities is generally smaller than many
other markets. |
| • |
Derivatives Risk: Derivatives may be
difficult to price or unwind and leveraged so that small changes may
produce disproportionate losses for the Portfolio. A short position in a
derivative instrument involves the risk of a theoretically unlimited
increase in the value of the underlying asset, reference rate or index,
which could cause the Portfolio to suffer a potentially unlimited loss.
Derivatives, especially over-the-counter derivatives, are also subject to
counterparty risk, which is the risk that the counterparty (the party on
the other side of the transaction) on a derivative transaction will be
unable or unwilling to honor its contractual obligations to the Portfolio.
|
| • |
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. Some of these techniques may incorporate, or
rely upon, quantitative models, but there is no guarantee that these
models will generate accurate forecasts, reduce risk or otherwise perform
as expected. |
| • |
|
| • |
|
| 1 Year | 5 Years | 10 Years | ||||||||||||
| Class A* | Return Before Taxes | |||||||||||||
| Return After Taxes on Distributions | ||||||||||||||
| Return After Taxes on Distributions and Sale of Portfolio Shares | ||||||||||||||
| Class C | Return Before Taxes | |||||||||||||
| Advisor Class | Return Before Taxes | |||||||||||||
|
Bloomberg
Municipal Bond Index
(reflects
no deduction for fees, expenses or taxes) |
||||||||||||||
| * |
|
|
|
|
|
|
|
| Employee | Length of Service | Title | ||
| Daryl Clements | Since 2022 | Senior Vice President of the Adviser | ||
| Matthew J. Norton | Since 2016 | Senior Vice President of the Adviser | ||
| Andrew D. Potter | Since 2018 | Vice President of the Adviser | ||
|
Class A
Shares |
Class C
Shares |
Advisor Class
Shares |
Class Z
Shares | |||||
|
Maximum
Sales Charge (Load) Imposed on Purchases
(as
a percentage of offering price) |
||||||||
|
Maximum
Deferred Sales Charge (Load)
(as
a percentage of offering price or redemption proceeds, whichever is
lower) |
||||||||
|
Exchange
Fee |
| Class A | Class C | Advisor Class | Class Z | |||||||||||||
|
Management
Fees |
||||||||||||||||
|
Distribution
and/or Service (12b-1) Fees |
||||||||||||||||
|
Other
Expenses: |
||||||||||||||||
|
Transfer
Agent |
||||||||||||||||
|
Interest
Expense |
||||||||||||||||
|
Other
Expenses(b) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Total
Other Expenses |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Total
Annual Portfolio Operating Expenses Including Interest Expense Before
Waiver |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Fee
Waiver and/or Expense Reimbursement(c) |
( |
( |
( |
( |
||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Total
Annual Portfolio Operating Expenses Including Interest Expense After Fee
Waiver and/or Expense Reimbursement(d) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) |
| (b) | “Other
Expenses” includes acquired fund fees and expenses totaling less than
.01%. |
| (c) | The
Adviser has contractually agreed to waive its management fees and/or to
bear certain expenses of the Portfolio to the extent necessary to prevent
total Portfolio operating expenses (excluding acquired fund fees and
expenses other than the advisory fees of any AB Funds in which the
Portfolio may invest, interest expense, and extraordinary expenses), on an
annualized basis, from exceeding .80%, 1.55%, .55% and .55% of average
daily net assets, respectively, for Class A, Class C, Advisor Class
and Class Z shares. In addition to that agreement, in connection with the
Portfolio’s investments in AB Government Money Market Portfolio (the
“Money Market Portfolio”) (except for the investment of any cash
collateral from securities lending), the Adviser has contractually agreed
to waive its management fee from the Portfolio and/or reimburse other
expenses of the Portfolio in an amount equal to the Portfolio’s pro rata
share of the Money Market Portfolio’s effective management fee. Each of
the agreements will remain in effect until |
| (d) |
If
interest expense were excluded, Total Annual Portfolio Operating Expenses
After Fee Waiver and/or Expense Reimbursement would be as follows:
|
| Class A | Class C | Advisor Class | Class Z | |||||||||||||||||
| .80 | % | 1.55 | % | .55 | % | .55 | % | |||||||||||||
| Class A | Class C | Advisor Class | Class Z | |||||||||||||
|
After
1 Year |
$ | $ | * | $ | $ | |||||||||||
|
After
3 Years |
$ | $ | $ | $ | ||||||||||||
|
After
5 Years |
$ | $ | $ | $ | ||||||||||||
|
After
10 Years |
$ | $ | $ | $ | ||||||||||||
| * | If
you did not redeem your shares at the end of the period, your expenses
would be decreased by approximately $100.
|
| • |
forward
commitments; |
| • |
zero-coupon
municipal securities and variable, floating and inverse floating-rate
municipal securities; |
| • |
certain
types of mortgage-related securities; and
|
| • |
derivatives,
such as options, futures contracts, forwards and swaps.
|
| • |
Market Risk: The value of the Portfolio’s
assets will fluctuate as the market or markets in which the Portfolio
invests fluctuate. The value of the Portfolio’s investments may decline,
sometimes rapidly and unpredictably, simply because of economic changes or
other events, including public health crises (including the occurrence of
a contagious disease or illness) and regional and global conflicts, that
affect large portions of the market.
|
| • |
Interest Rate Risk: Changes in interest
rates will affect the value of investments in fixed-income securities.
When interest rates rise, the value of existing 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. |
| • |
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 the 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.
|
| • |
Below Investment Grade Securities Risk:
Investments in fixed-income securities with lower ratings (commonly known
as “junk bonds”) 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 and negative performance of the
junk bond market generally and may be more difficult to trade than other
types of securities. |
| • |
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, public health
crises, uncertainties related to the tax status of municipal securities,
and 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, public health crises (including the occurrence
of a contagious disease or illness) and catastrophic natural disasters,
such as hurricanes, fires 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.
|
| • |
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.
|
| • |
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 and accrued interest. 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.
|
| • |
Leverage Risk: To the extent the
Portfolio uses leveraging techniques, such as TOBs, its net asset value,
or 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.
|
| • |
Tax Risk: There is no guarantee that the
income on the Portfolio’s municipal securities will be exempt from regular
U.S. federal, and if applicable, state income taxes. From time to time,
the U.S. Government and the U.S. Congress consider changes in U.S. federal
income 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. |
| • |
Illiquid Investments Risk: Illiquid
investments risk exists when certain investments are or become difficult
to purchase or sell. Difficulty in selling such investments may result in
sales at disadvantageous prices affecting the value of your investment in
the Portfolio. Causes of illiquid investments risk may include low trading
volumes, large positions and heavy redemptions of Portfolio shares.
Illiquid investments risk may be higher in a rising interest rate
environment, when the value and liquidity of fixed-income securities
generally decline. Municipal securities may have more illiquid investments
risk than other fixed-income securities because they trade less frequently
and the market for municipal securities is generally smaller than many
other markets. |
| • |
Derivatives Risk: Derivatives may be
difficult to price or unwind and leveraged so that small changes may
produce disproportionate losses for the Portfolio. A short position in a
derivative instrument involves the risk of a theoretically unlimited
increase in the value of the underlying asset, reference rate or index,
which could cause the Portfolio to suffer a potentially unlimited loss.
|
|
Derivatives,
especially over-the-counter derivatives, are also subject to counterparty
risk, which is the risk that the counterparty (the party on the other side
of the transaction) on a derivative transaction will be unable or
unwilling to honor its contractual obligations to the Portfolio.
|
| • |
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. Some of these techniques may incorporate, or
rely upon, quantitative models, but there is no guarantee that these
models will generate accurate forecasts, reduce risk or otherwise perform
as expected. |
| • |
|
| • |
|
| 1 Year | 5 Years | 10 Years | ||||||||||||
| Class A* | Return Before Taxes | |||||||||||||
| Return After Taxes on Distributions | ||||||||||||||
| Return After Taxes on Distributions and Sale of Portfolio Shares | ||||||||||||||
| Class C | Return Before Taxes | |||||||||||||
| Advisor Class | Return Before Taxes | |||||||||||||
| Class Z** | Return Before Taxes | |||||||||||||
|
Bloomberg
Municipal Bond Index
(reflects
no deduction for fees, expenses or taxes) |
||||||||||||||
| * |
|
|
|
|
|
|
|
| ** | Inception
date for Class Z shares: |
| Employee | Length of Service | Title | ||
| Daryl Clements | Since 2022 | Senior Vice President of the Adviser | ||
| Matthew J. Norton | Since 2016 | Senior Vice President of the Adviser | ||
| Andrew D. Potter | Since 2018 | Vice President of the Adviser | ||
|
Class A
Shares |
Class C
Shares |
Advisor Class
Shares | ||||
|
Maximum
Sales Charge (Load) Imposed on Purchases
(as
a percentage of offering price) |
||||||
|
Maximum
Deferred Sales Charge (Load)
(as
a percentage of offering price or redemption proceeds, whichever is
lower) |
||||||
|
Exchange
Fee |
| Class A | Class C | Advisor Class | ||||||||||
|
Management
Fees |
||||||||||||
|
Distribution
and/or Service (12b-1) Fees |
||||||||||||
|
Other
Expenses: |
||||||||||||
|
Transfer
Agent |
||||||||||||
|
Other
Expenses(b) |
||||||||||||
|
|
|
|
|
|
|
|||||||
|
Total
Other Expenses |
||||||||||||
|
|
|
|
|
|
|
|||||||
|
Total
Annual Portfolio Operating Expenses Before Waiver |
||||||||||||
|
|
|
|
|
|
|
|||||||
|
Fee
Waiver and/or Expense Reimbursement(c) |
( |
( |
( |
|||||||||
|
|
|
|
|
|
|
|||||||
|
Total
Annual Portfolio Operating Expenses After Fee Waiver and/or Expense
Reimbursement |
||||||||||||
|
|
|
|
|
|
|
|||||||
| (a) |
| (b) | “Other
Expenses” includes acquired fund fees and expenses totaling less than
.01%. |
| (c) | The
Adviser has contractually agreed to waive its management fees and/or to
bear certain expenses of the Portfolio to the extent necessary to prevent
total Portfolio operating expenses (excluding acquired fund fees and
expenses other than the advisory fees of any AB Funds in which the
Portfolio may invest, interest expense, and extraordinary expenses), on an
annualized basis, from exceeding .75%, 1.50% and .50% of average daily net
assets, respectively, for Class A, Class C and Advisor Class shares.
In addition to that agreement, in connection with the Portfolio’s
investments in AB Government Money Market Portfolio (the “Money Market
Portfolio”) (except for the investment of any cash collateral from
securities lending), the Adviser has contractually agreed to waive its
management fee from the Portfolio and/or reimburse other expenses of the
Portfolio in an amount equal to the Portfolio’s pro rata share of the
Money Market Portfolio’s effective management fee. Each of the agreements
will remain in effect until |
| Class A | Class C | Advisor Class | ||||||||||
|
After
1 Year |
$ | $ | * | $ | ||||||||
|
After
3 Years |
$ | $ | $ | |||||||||
|
After
5 Years |
$ | $ | $ | |||||||||
|
After
10 Years |
$ | $ | $ | |||||||||
| * | If
you did not redeem your shares at the end of the period, your expenses
would be decreased by approximately $100.
|
| • |
forward
commitments; |
| • |
tender
option bonds (“TOBs”); |
| • |
zero-coupon
municipal securities and variable, floating and inverse floating-rate
municipal securities; and |
| • |
derivatives,
such as options, futures contracts, forwards and swaps.
|
| • |
Market Risk: The value of the Portfolio’s
assets will fluctuate as the market or markets in which the Portfolio
invests fluctuate. The value of the Portfolio’s investments may decline,
sometimes rapidly and unpredictably, simply because of economic changes or
other events, including public health crises (including the occurrence of
a contagious disease or illness) and regional and global conflicts, that
affect large portions of the market.
|
| • |
Interest Rate Risk: Changes in interest
rates will affect the value of investments in fixed-income securities.
When interest rates rise, the value of existing 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. |
| • |
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 the 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.
|
| • |
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, catastrophic
natural disasters, public health crises, uncertainties related to the tax
status of municipal securities, and 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. However,
there remain a number of risks that threaten the state’s economy,
including potentially unfavorable changes to federal policies, the
uncertain impact of changes in federal tax law and trade policy,
significant unfunded liabilities of the two main retirement systems
managed by state entities, the |
|
California
Public Employees Retirement System and the California State Teachers’
Retirement System and public health crises (including the occurrence of a
contagious disease or illness). California’s economy may also be affected
by natural disasters, such as earthquakes, droughts, flooding 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.
|
| • |
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.
|
| • |
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 and accrued interest. 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. |
| • |
Tax Risk: There is no guarantee that the
income on the Portfolio’s municipal securities will be exempt from regular
U.S. federal, and if applicable, state income taxes. From time to time,
the U.S. Government and the U.S. Congress consider changes in U.S. federal
income 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.
|
| • |
Illiquid Investments Risk: Illiquid
investments risk exists when certain investments are or become difficult
to purchase or sell. Difficulty in selling such investments may result in
sales at disadvantageous prices affecting the value of your investment in
the Portfolio. Causes of illiquid investments risk may include low trading
volumes, large positions and heavy redemptions of Portfolio shares.
Illiquid investments risk may be higher in a rising interest rate
environment, when the value and liquidity of fixed-income securities
generally decline. Municipal securities may have more illiquid investments
risk than other fixed-income securities because they trade less frequently
and the market for municipal securities is generally smaller than many
other markets. |
| • |
Derivatives Risk: Derivatives may be
difficult to price or unwind and leveraged so that small changes may
produce disproportionate losses for the Portfolio. A short position in a
derivative instrument involves the risk of a theoretically unlimited
increase in the value of the underlying asset, reference rate or index,
which could cause the Portfolio to suffer a potentially unlimited loss.
Derivatives, especially over-the-counter derivatives, are also subject to
counterparty risk, which is the risk that the counterparty (the party on
the other side of the transaction) on a derivative transaction will be
unable or unwilling to honor its contractual obligations to the Portfolio.
|
| • |
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. Some of these techniques may incorporate, or
rely upon, quantitative models, but there is no guarantee that these
models will generate accurate forecasts, reduce risk or otherwise perform
as expected. |
| • |
|
| • |
|
| 1 Year | 5 Years | 10 Years | ||||||||||||
| Class A* | Return Before Taxes | |||||||||||||
| Return After Taxes on Distributions | ||||||||||||||
| Return After Taxes on Distributions and Sale of Portfolio Shares | ||||||||||||||
| Class C | Return Before Taxes | |||||||||||||
| Advisor Class | Return Before Taxes | |||||||||||||
| Bloomberg Municipal Bond Index (reflects no deduction for fees, expenses or taxes) |
||||||||||||||
| * |
|
|
|
|
|
|
|
| Employee | Length of Service | Title | ||
| Daryl Clements | Since 2022 | Senior Vice President of the Adviser | ||
| Matthew J. Norton | Since 2016 | Senior Vice President of the Adviser | ||
| Andrew D. Potter | Since 2018 | Vice President of the Adviser | ||
|
Class A
Shares |
Class C
Shares |
Advisor Class
Shares | ||||
|
Maximum
Sales Charge (Load) Imposed on Purchases
(as
a percentage of offering price) |
3.00% | None | None | |||
|
Maximum
Deferred Sales Charge (Load)
(as
a percentage of offering price or redemption proceeds, whichever is
lower) |
None | 1.00%(a) | None | |||
|
Exchange
Fee |
None | None | None |
| Class A | Class C | Advisor Class | ||||||||||
|
Management
Fees |
.45% | .45% | .45% | |||||||||
|
Distribution
and/or Service (12b-1) Fees |
.25% | 1.00% | None | |||||||||
|
Other
Expenses: |
||||||||||||
|
Transfer
Agent |
.04% | .04% | .04% | |||||||||
|
Other
Expenses(b) |
.34% | .35% | .34% | |||||||||
|
|
|
|
|
|
|
|||||||
|
Total
Other Expenses |
.38% | .39% | .38% | |||||||||
|
|
|
|
|
|
|
|||||||
|
Total
Annual Portfolio Operating Expenses Before Waiver |
1.08% | 1.84% | .83% | |||||||||
|
|
|
|
|
|
|
|||||||
|
Fee
Waiver and/or Expense Reimbursement(c) |
(.30)% | (.31)% | (.30)% | |||||||||
|
|
|
|
|
|
|
|||||||
|
Total
Annual Portfolio Operating Expenses After Fee Waiver and/or Expense
Reimbursement |
.78% | 1.53% | .53% | |||||||||
|
|
|
|
|
|
|
|||||||
| (a) |
For
Class C shares, the contingent deferred sales charge, or CDSC, is 0%
after the first year. Class C shares automatically convert to
Class A shares after eight years. |
| (b) |
“Other
Expenses” includes acquired fund fees and expenses totaling less than
.01%. |
| (c) |
The
Adviser has contractually agreed to waive its management fees and/or to
bear certain expenses of the Portfolio to the extent necessary to prevent
total Portfolio operating expenses (excluding acquired fund fees and
expenses other than the advisory fees of any AB Funds in which the
Portfolio may invest, interest expense, and extraordinary expenses), on an
annualized basis, from exceeding .78%, 1.53% and .53% of average daily net
assets, respectively, for Class A, Class C and Advisor Class shares.
In addition to that agreement, in connection with the Portfolio’s
investments in AB Government Money Market Portfolio (the “Money Market
Portfolio”) (except for the investment of any cash collateral from
securities lending), the Adviser has contractually agreed to waive its
management fee from the Portfolio and/or reimburse other expenses of the
Portfolio in an amount equal to the Portfolio’s pro rata share of the
Money Market Portfolio’s effective management fee. Each of the agreements
will remain in effect until September 30, 2025 and may only be
terminated or changed with the consent of the Portfolio’s Board of
Trustees. In addition, each of the agreements will be automatically
extended for one‑year terms unless the Adviser provides notice of
termination to the Portfolio at least 60 days prior to the end of the
period. |
| Class A | Class C | Advisor Class | ||||||||||
|
After
1 Year |
$ | 377 | $ | 256 | * | $ | 54 | |||||
|
After
3 Years |
$ | 604 | $ | 549 | $ | 235 | ||||||
|
After
5 Years |
$ | 849 | $ | 967 | $ | 431 | ||||||
|
After
10 Years |
$ | 1,552 | $ | 1,934 | $ | 998 | ||||||
| * |
If
you did not redeem your shares at the end of the period, your expenses
would be decreased by approximately $100. |
| • |
forward
commitments; |
| • |
zero-coupon
municipal securities and variable, floating and inverse floating-rate
municipal securities; and |
| • |
derivatives,
such as options, futures contracts, forwards and swaps.
|
| • |
Market Risk: The value of the Portfolio’s
assets will fluctuate as the market or markets in which the Portfolio
invests fluctuate. The value of the Portfolio’s investments may decline,
sometimes rapidly and unpredictably, simply because of economic changes or
other events, including public health crises (including the occurrence of
a contagious disease or illness) and regional and global conflicts, that
affect large portions of the market. |
| • |
Interest Rate Risk: Changes in interest
rates will affect the value of investments in fixed-income securities.
When interest rates rise, the value of existing 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. |
| • |
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 the 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. |
| • |
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, catastrophic
natural disasters, public health crises, uncertainties related to the tax
status of municipal securities, and the rights of investors in these
securities. The Portfolio’s investments in Arizona municipal securities
are vulnerable to events adversely affecting its economy, including
public health crises (including the occurrence of a contagious disease or
illness). The leading sectors of Arizona’s economy include the trade,
transportation and utilities, leisure and hospitality, manufacturing,
education and health services, professional and business services and
financial activities sectors. These sectors are particularly vulnerable to
times of impaired consumer and business spending, such as during the
COVID-19 pandemic. Arizona’s economy may also be affected by natural
disasters, such as fires and flooding. 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. |
| • |
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. |
| • |
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 and accrued interest. 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. |
| • |
Tax Risk: There is no guarantee that the
income on the Portfolio’s municipal securities will be exempt from regular
U.S. federal, and if applicable, state income taxes. From time to time,
the U.S. Government and the U.S. Congress consider changes in U.S. federal
income 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.
|
| • |
Illiquid Investments Risk: Illiquid
investments risk exists when certain investments are or become difficult
to purchase or sell. Difficulty in selling such investments may result in
sales at disadvantageous prices affecting the value of your investment in
the Portfolio. Causes of illiquid investments risk may include low trading
volumes, large positions and heavy redemptions of Portfolio shares.
Illiquid investments risk may be higher in a rising interest rate
environment, when the value and liquidity of fixed-income securities
generally decline. Municipal securities may have more illiquid investments
risk than other fixed-income securities because they trade less frequently
and the market for municipal securities is generally smaller than many
other markets. |
| • |
Derivatives Risk: Derivatives may be
difficult to price or unwind and leveraged so that small changes may
produce disproportionate losses for the Portfolio. A short position in a
derivative instrument involves the risk of a theoretically unlimited
increase in the value of the underlying asset, reference rate or index,
which could cause the Portfolio to suffer a potentially unlimited loss.
Derivatives, especially over-the-counter derivatives, are also subject to
counterparty risk, which is the risk that the counterparty (the party on
the other side of the transaction) on a derivative transaction will be
unable or unwilling to honor its contractual obligations to the Portfolio.
|
| • |
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. Some of these techniques may incorporate, or
rely upon, quantitative models, but there is no guarantee that these
models will generate accurate forecasts, reduce risk or otherwise perform
as expected. |
| • |
how
the Portfolio’s performance changed from year to year over ten years; and
|
| • |
how
the Portfolio’s average annual returns for one, five and ten years compare
to those of a broad-based securities market index.
|
| 1 Year | 5 Years | 10 Years | ||||||||||||
| Class A* | Return Before Taxes | 1.80% | 0.96% | 2.35% | ||||||||||
| Return After Taxes on Distributions | 1.73% | 0.92% | 2.33% | |||||||||||
| Return After Taxes on Distributions and Sale of Portfolio Shares | 2.13% | 1.32% | 2.47% | |||||||||||
| Class C | Return Before Taxes | 3.25% | 0.82% | 1.91% | ||||||||||
| Advisor Class** | Return Before Taxes | 5.29% | 1.85% | 2.93% | ||||||||||
| Bloomberg Municipal Bond Index (reflects no deduction for fees, expenses or taxes) |
6.40% | 2.25% | 3.03% | |||||||||||
| * |
After-tax
Returns: |
| – |
Are
shown for Class A shares only and will vary for the other Classes of
shares because these Classes have different 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; actual after-tax returns depend on an individual investor’s tax
situation and are likely to differ from those shown; and
|
| – |
Are
not relevant to investors who hold Portfolio shares through tax-deferred
arrangements such as 401(k) plans or individual retirement accounts.
|
| ** |
Inception
Date for Advisor Class shares: 3/25/2021. Performance information for
periods prior to the inception of Advisor Class shares is the
performance of the Portfolio’s Class A shares adjusted to reflect the
expenses of Advisor Class shares. |
| Employee | Length of Service | Title | ||
| Daryl Clements | Since 2022 | Senior Vice President of the Adviser | ||
| Matthew J. Norton | Since 2016 | Senior Vice President of the Adviser | ||
| Andrew D. Potter | Since 2018 | Vice President of the Adviser | ||
|
Class A
Shares |
Class C
Shares |
Advisor Class
Shares | ||||
|
Maximum
Sales Charge (Load) Imposed on Purchases
(as
a percentage of offering price) |
3.00% | None | None | |||
|
Maximum
Deferred Sales Charge (Load)
(as
a percentage of offering price or redemption proceeds, whichever is
lower) |
None | 1.00%(a) | None | |||
|
Exchange
Fee |
None | None | None |
| Class A | Class C | Advisor Class | ||||||||||
|
Management
Fees |
.45% | .45% | .45% | |||||||||
|
Distribution
and/or Service (12b-1) Fees |
.25% | 1.00% | None | |||||||||
|
Other
Expenses: |
||||||||||||
|
Transfer
Agent |
.04% | .04% | .04% | |||||||||
|
Other
Expenses(b) |
.15% | .15% | .15% | |||||||||
|
|
|
|
|
|
|
|||||||
|
Total
Other Expenses |
.19% | .19% | .19% | |||||||||
|
|
|
|
|
|
|
|||||||
|
Total
Annual Portfolio Operating Expenses Before Waiver |
.89% | 1.64% | .64% | |||||||||
|
|
|
|
|
|
|
|||||||
|
Fee
Waiver and/or Expense Reimbursement(c) |
(.12)% | (.12)% | (.12)% | |||||||||
|
|
|
|
|
|
|
|||||||
|
Total
Annual Portfolio Operating Expenses After Fee Waiver and/or Expense
Reimbursement |
.77% | 1.52% | .52% | |||||||||
|
|
|
|
|
|
|
|||||||
| (a) |
For
Class C shares, the contingent deferred sales charge, or CDSC, is 0%
after the first year. Class C shares automatically convert to
Class A shares after eight years. |
| (b) |
“Other
Expenses” includes acquired fund fees and expenses totaling less than
.01%. |
| (c) |
The
Adviser has contractually agreed to waive its management fees and/or to
bear certain expenses of the Portfolio to the extent necessary to prevent
total Portfolio operating expenses (excluding acquired fund fees and
expenses other than the advisory fees of any AB Funds in which the
Portfolio may invest, interest expense, and extraordinary expenses), on an
annualized basis, from exceeding .77%, 1.52% and .52% of average daily net
assets, respectively, for Class A, Class C and Advisor Class shares.
In addition to that agreement, in connection with the Portfolio’s
investments in AB Government Money Market Portfolio (the “Money Market
Portfolio”) (except for the investment of any cash collateral from
securities lending), the Adviser has contractually agreed to waive its
management fee from the Portfolio and/or reimburse other expenses of the
Portfolio in an amount equal to the Portfolio’s pro rata share of the
Money Market Portfolio’s effective management fee. Each of the agreements
will remain in effect until September 30, 2025 and may only be
terminated or changed with the consent of the Portfolio’s Board of
Trustees. In addition, each of the agreements will be automatically
extended for one‑year terms unless the Adviser provides notice of
termination to the Portfolio at least 60 days prior to the end of the
period. |
| Class A | Class C | Advisor Class | ||||||||||
|
After
1 Year |
$ | 376 | $ | 255 | * | $ | 53 | |||||
|
After
3 Years |
$ | 564 | $ | 506 | $ | 193 | ||||||
|
After
5 Years |
$ | 767 | $ | 880 | $ | 345 | ||||||
|
After
10 Years |
$ | 1,352 | $ | 1,733 | $ | 787 | ||||||
| * |
If
you did not redeem your shares at the end of the period, your expenses
would be decreased by approximately $100. |
| • |
forward
commitments; |
| • |
zero-coupon
municipal securities and variable, floating and inverse floating-rate
municipal securities; and |
| • |
derivatives,
such as options, futures contracts, forwards and swaps.
|
| • |
Market Risk: The value of the Portfolio’s
assets will fluctuate as the market or markets in which the Portfolio
invests fluctuate. The value of the Portfolio’s investments may decline,
sometimes rapidly and unpredictably, simply because of economic changes or
other events, including public health crises (including the occurrence of
a contagious disease or illness) and regional and global conflicts, that
affect large portions of the market. |
| • |
Interest Rate Risk: Changes in interest
rates will affect the value of investments in fixed-income securities.
When interest rates rise, the value of existing 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. |
| • |
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 the 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. |
| • |
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, public health
crises, uncertainties related to the tax status of municipal securities,
and the rights of investors in these securities. The Portfolio’s
investments in Massachusetts municipal securities are vulnerable to events
adversely affecting its economy, which is relatively diverse and based on
education and health services, professional and business services
(including financial and high-tech industries), and leisure and
hospitality, including public health crises (including the occurrence of a
contagious disease or illness). Massachusetts has a high degree of job
stability and an educated work force due to its large concentration of
colleges and universities but the high cost of doing business in
Massachusetts may serve as an impediment to job creation. 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. |
| • |
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. |
| • |
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 and accrued interest. 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. |
| • |
Tax Risk: There is no guarantee that the
income on the Portfolio’s municipal securities will be exempt from regular
U.S. federal, and if applicable, state income taxes. From time to time,
the U.S. Government and the U.S. Congress consider changes in U.S. federal
income 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.
|
| • |
Illiquid Investments Risk: Illiquid
investments risk exists when certain investments are or become difficult
to purchase or sell. Difficulty in selling such investments may result in
sales at disadvantageous prices affecting the value of your investment in
the Portfolio. Causes of illiquid investments risk may include low trading
volumes, large positions and heavy redemptions of Portfolio shares.
Illiquid investments risk may be higher in a rising interest rate
environment, when the value and liquidity of fixed-income securities
generally decline. Municipal securities may have more illiquid investments
risk than other fixed-income securities because they trade less frequently
and the market for municipal securities is generally smaller than many
other markets. |
| • |
Derivatives Risk: Derivatives may be
difficult to price or unwind and leveraged so that small changes may
produce disproportionate losses for the Portfolio. A short position in a
derivative instrument involves the risk of a theoretically unlimited
increase in the value of the underlying asset, reference rate or index,
which could cause the Portfolio to suffer a potentially unlimited loss.
Derivatives, especially over-the-counter derivatives, are also subject to
counterparty risk, which is the risk that the counterparty (the party on
the other side of the transaction) on a derivative transaction will be
unable or unwilling to honor its contractual obligations to the Portfolio.
|
| • |
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. Some of these techniques may incorporate, or
rely upon, quantitative models, but there is no guarantee that these
models will generate accurate forecasts, reduce risk or otherwise perform
as expected. |
| • |
how
the Portfolio’s performance changed from year to year over ten years; and
|
| • |
how
the Portfolio’s average annual returns for one, five and ten years compare
to those of a broad-based securities market index.
|
| 1 Year | 5 Years | 10 Years | ||||||||||||
| Class A* | Return Before Taxes | 2.29% | 1.21% | 2.19% | ||||||||||
| Return After Taxes on Distributions | 2.13% | 1.12% | 2.12% | |||||||||||
| Return After Taxes on Distributions and Sale of Portfolio Shares | 2.37% | 1.45% | 2.29% | |||||||||||
| Class C | Return Before Taxes | 3.60% | 1.06% | 1.73% | ||||||||||
| Advisor Class** | Return Before Taxes | 5.75% | 2.07% | 2.75% | ||||||||||
|
Bloomberg
Municipal Bond Index
(reflects
no deduction for fees, expenses or taxes) |
6.40% | 2.25% | 3.03% | |||||||||||
| * |
After-tax
Returns: |
| – |
Are
shown for Class A shares only and will vary for the other Classes of
shares because these Classes have different 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; actual after-tax returns depend on an individual investor’s tax
situation and are likely to differ from those shown; and
|
| – |
Are
not relevant to investors who hold Portfolio shares through tax-deferred
arrangements such as 401(k) plans or individual retirement accounts.
|
| ** |
Inception
Date for Advisor Class shares: 7/25/2016. Performance information for
periods prior to the inception of Advisor Class shares is the
performance of the Portfolio’s Class A shares adjusted to reflect the
expenses of Advisor Class shares. |
| Employee | Length of Service | Title | ||
| Daryl Clements | Since 2022 | Senior Vice President of the Adviser | ||
| Matthew J. Norton | Since 2016 | Senior Vice President of the Adviser | ||
| Andrew D. Potter | Since 2018 | Vice President of the Adviser | ||
|
Class A
Shares |
Class C
Shares |
|||||||
|
Maximum
Sales Charge (Load) Imposed on Purchases
(as
a percentage of offering price) |
3.00% | None | ||||||
|
Maximum
Deferred Sales Charge (Load)
(as
a percentage of offering price or redemption proceeds, whichever is
lower) |
None | 1.00% | (a) | |||||
|
Exchange
Fee |
None | None | ||||||
| Class A | Class C | |||||||
|
Management
Fees |
.45% | .45% | ||||||
|
Distribution
and/or Service (12b-1) Fees |
.25% | 1.00% | ||||||
|
Other
Expenses: |
||||||||
|
Transfer
Agent |
.09% | .09% | ||||||
|
Other
Expenses(b) |
.78% | .79% | ||||||
|
|
|
|
|
|||||
|
Total
Other Expenses |
.87% | .88% | ||||||
|
|
|
|
|
|||||
|
Total
Annual Portfolio Operating Expenses Before Waiver |
1.57% | 2.33% | ||||||
|
|
|
|
|
|||||
|
Fee
Waiver and/or Expense Reimbursement(c) |
(.72)% | (.73)% | ||||||
|
|
|
|
|
|||||
|
Total
Annual Portfolio Operating Expenses After Fee Waiver and/or Expense
Reimbursement |
.85% | 1.60% | ||||||
|
|
|
|
|
|||||
| (a) |
For
Class C shares, the contingent deferred sales charge, or CDSC, is 0%
after the first year. Class C shares automatically convert to
Class A shares after eight years. |
| (b) |
“Other
Expenses” includes acquired fund fees and expenses totaling less than
.01%. |
| (c) |
The
Adviser has contractually agreed to waive its management fees and/or to
bear certain expenses of the Portfolio to the extent necessary to prevent
total Portfolio operating expenses (excluding acquired fund fees and
expenses other than the advisory fees of any AB Funds in which the
Portfolio may invest, interest expense, and extraordinary expenses), on an
annualized basis, from exceeding .85% and 1.60% of average daily net
assets, respectively, for Class A and Class C shares. In addition to
that agreement, in connection with the Portfolio’s investments in AB
Government Money Market Portfolio (the “Money Market Portfolio”) (except
for the investment of any cash collateral from securities lending), the
Adviser has contractually agreed to waive its management fee from the
Portfolio and/or reimburse other expenses of the Portfolio in an amount
equal to the Portfolio’s pro rata share of the Money Market Portfolio’s
effective management fee. Each of the agreements will remain in effect
until September 30, 2025 and may only be terminated or changed with
the consent of the Portfolio’s Board of Trustees. In addition, each
agreement will be automatically extended for one-year terms unless the
Adviser provides notice of termination to the Portfolio at least 60 days
prior to the end of the period. |
| Class A | Class C | |||||||
|
After
1 Year |
$ | 384 | $ | 263 | * | |||
|
After
3 Years |
$ | 712 | $ | 658 | ||||
|
After
5 Years |
$ | 1,063 | $ | 1,179 | ||||
|
After
10 Years |
$ | 2,052 | $ | 2,419 | ||||
| * |
If
you did not redeem your shares at the end of the period, your expenses
would be decreased by approximately $100. |
| • |
forward
commitments; |
| • |
zero-coupon
municipal securities and variable, floating and inverse floating-rate
municipal securities; and |
| • |
derivatives,
such as options, futures contracts, forwards and swaps.
|
| • |
Market Risk: The value of the Portfolio’s
assets will fluctuate as the market or markets in which the Portfolio
invests fluctuate. The value of the Portfolio’s investments may decline,
sometimes rapidly and unpredictably, simply because of economic changes or
other events, including public health crises (including the occurrence of
a contagious disease or illness) and regional and global conflicts, that
affect large portions of the market. |
| • |
Interest Rate Risk: Changes in interest
rates will affect the value of investments in fixed-income securities.
When interest rates rise, the value of existing 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. |
| • |
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 the 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. |
| • |
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, public health
crises, uncertainties related to the tax status of municipal securities,
and the rights of investors in these securities. The Portfolio’s
investments in Minnesota municipal securities may be vulnerable to events
adversely affecting its economy, including public health crises (including
the occurrence of a contagious disease or illness). The leading sectors of
Minnesota’s economy include education and health services, manufacturing,
trade, transportation and utilities, professional and business services,
finance, insurance and real estate and agriculture, which are vulnerable
during general economic downturns. 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. |
| • |
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. |
| • |
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 and accrued interest. 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. |
| • |
Tax Risk: There is no guarantee that the
income on the Portfolio’s municipal securities will be exempt from regular
U.S. federal, and if applicable, state income taxes. From time to time,
the U.S. Government and the U.S. Congress consider changes in U.S. federal
income 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.
|
| • |
Illiquid Investments Risk: Illiquid
investments risk exists when certain investments are or become difficult
to purchase or sell. Difficulty in selling such investments may result in
sales at disadvantageous prices affecting the value of your investment in
the Portfolio. Causes of illiquid investments risk may include low trading
volumes, large positions and heavy redemptions of Portfolio shares.
Illiquid investments risk may be higher in a rising interest rate
environment, when the value and liquidity of fixed-income securities
generally decline. Municipal securities may have more illiquid investments
risk than other fixed-income securities because they trade less frequently
and the market for municipal securities is generally smaller than many
other markets. |
| • |
Derivatives Risk: Derivatives may be
difficult to price or unwind and leveraged so that small changes may
produce disproportionate losses for the Portfolio. A short position in a
derivative instrument involves the risk of a theoretically unlimited
increase in the value of the underlying asset, reference rate or index,
which could cause the Portfolio to suffer a potentially unlimited loss.
Derivatives, especially over-the-counter derivatives, are also subject to
counterparty risk, which is the risk that the counterparty (the party on
the other side of the transaction) on a derivative transaction will be
unable or unwilling to honor its contractual obligations to the Portfolio.
|
| • |
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. Some of these techniques may incorporate, or
rely upon, quantitative models, but there is no guarantee that these
models will generate accurate forecasts, reduce risk or otherwise perform
as expected. |
| • |
how
the Portfolio’s performance changed from year to year over ten years; and
|
| • |
how
the Portfolio’s average annual returns for one, five and ten years compare
to those of a broad-based securities market index.
|
| 1 Year | 5 Years | 10 Years | ||||||||||||
| Class A* | Return Before Taxes | 1.09% | 0.89% | 2.00% | ||||||||||
| Return After Taxes on Distributions | 1.02% | 0.78% | 1.90% | |||||||||||
| Return After Taxes on Distributions and Sale of Portfolio Shares | 1.54% | 1.14% | 2.09% | |||||||||||
| Class C | Return Before Taxes | 2.42% | 0.74% | 1.55% | ||||||||||
|
Bloomberg
Municipal Bond Index
(reflects
no deduction for fees, expenses or taxes) |
6.40% | 2.25% | 3.03% | |||||||||||
| * |
After-tax
Returns: |
| – |
Are
shown for Class A shares only and will vary for the other Classes of
shares because these Classes have different 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; actual after-tax returns depend on an individual investor’s tax
situation and are likely to differ from those shown; and
|
| – |
Are
not relevant to investors who hold Portfolio shares through tax-deferred
arrangements such as 401(k) plans or individual retirement accounts.
|
| Employee | Length of Service | Title | ||
| Daryl Clements | Since 2022 | Senior Vice President of the Adviser | ||
| Matthew J. Norton | Since 2016 | Senior Vice President of the Adviser | ||
| Andrew D. Potter | Since 2018 | Vice President of the Adviser | ||
|
Class A
Shares |
Class C
Shares |
|||||||
|
Maximum
Sales Charge (Load) Imposed on Purchases
(as
a percentage of offering price) |
3.00% | None | ||||||
|
Maximum
Deferred Sales Charge (Load)
(as
a percentage of offering price or redemption proceeds, whichever is
lower) |
None | 1.00% | (a) | |||||
|
Exchange
Fee |
None | None | ||||||
| Class A | Class C | |||||||
|
Management
Fees |
.45% | .45% | ||||||
|
Distribution
and/or Service (12b-1) Fees |
.25% | 1.00% | ||||||
|
Other
Expenses: |
||||||||
|
Transfer
Agent |
.05% | .05% | ||||||
|
Other
Expenses(b) |
.46% | .45% | ||||||
|
|
|
|
|
|||||
|
Total
Other Expenses |
.51% | .50% | ||||||
|
|
|
|
|
|||||
|
Total
Annual Portfolio Operating Expenses Before Waiver |
1.21% | 1.95% | ||||||
|
|
|
|
|
|||||
|
Fee
Waiver and/or Expense Reimbursement(c) |
(.39)% | (.38)% | ||||||
|
|
|
|
|
|||||
|
Total
Annual Portfolio Operating Expenses After Fee Waiver and/or Expense
Reimbursement |
.82% | 1.57% | ||||||
|
|
|
|
|
|||||
| (a) |
For
Class C shares, the contingent deferred sales charge, or CDSC, is 0%
after the first year. Class C shares automatically convert to
Class A shares after eight years. |
| (b) |
“Other
Expenses” includes acquired fund fees and expenses totaling less than
.01%. |
| (c) |
The
Adviser has contractually agreed to waive its management fees and/or to
bear certain expenses of the Portfolio to the extent necessary to prevent
total Portfolio operating expenses (excluding acquired fund fees and
expenses other than the advisory fees of any AB Funds in which the
Portfolio may invest, interest expense, and extraordinary expenses), on an
annualized basis, from exceeding .82% and 1.57% of average daily net
assets, respectively, for Class A and Class C shares. In addition to
that agreement, in connection with the Portfolio’s investments in AB
Government Money Market Portfolio (the “Money Market Portfolio”) (except
for the investment of any cash collateral from securities lending), the
Adviser has contractually agreed to waive its management fee from the
Portfolio and/or reimburse other expenses of the Portfolio in an amount
equal to the Portfolio’s pro rata share of the Money Market Portfolio’s
effective management fee. Each of the agreements will remain in effect
until September 30, 2025 and may only be terminated or changed with
the consent of the Portfolio’s Board of Trustees. In addition, each
agreement will be automatically extended for one-year terms unless the
Adviser provides notice of termination to the Portfolio at least 60 days
prior to the end of the period. |
| Class A | Class C | |||||||
|
After
1 Year |
$ | 381 | $ | 260 | * | |||
|
After
3 Years |
$ | 635 | $ | 575 | ||||
|
After
5 Years |
$ | 909 | $ | 1,017 | ||||
|
After
10 Years |
$ | 1,688 | $ | 2,052 | ||||
| * |
If
you did not redeem your shares at the end of the period, your expenses
would be decreased by approximately $100. |
| • |
forward
commitments; |
| • |
zero-coupon
municipal securities and variable, floating and inverse floating-rate
municipal securities; and |
| • |
derivatives,
such as options, futures contracts, forwards and swaps.
|
| • |
Market Risk: The value of the Portfolio’s
assets will fluctuate as the market or markets in which the Portfolio
invests fluctuate. The value of the Portfolio’s investments may decline,
sometimes rapidly and unpredictably, simply because of economic changes or
other events, including public health crises (including the occurrence of
a contagious disease or illness) and regional and global conflicts, that
affect large portions of the market. |
| • |
Interest Rate Risk: Changes in interest
rates will affect the value of investments in fixed-income securities.
When interest rates rise, the value of existing 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. |
| • |
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 the 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. |
| • |
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, public health
crises, uncertainties related to the tax status of municipal securities,
and the rights of investors in these securities. The Portfolio’s
investments in New Jersey municipal securities may be vulnerable to events
adversely affecting its economy, including public health crises (including
the occurrence of a contagious disease or illness). New Jersey’s economy
is a diverse mix of information technology, transportation and logistics,
financial services, major pharmaceuticals, life sciences and advanced
manufacturing industries. However, adverse events affecting these
industries will have a negative effect on New Jersey’s economy. 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.
|
| • |
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. |
| • |
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 and accrued interest. 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. |
| • |
Tax Risk: There is no guarantee that the
income on the Portfolio’s municipal securities will be exempt from regular
federal, and if applicable, 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. |
| • |
Illiquid Investments Risk: Illiquid
investments risk exists when certain investments are or become difficult
to purchase or sell. Difficulty in selling such investments may result in
sales at disadvantageous prices affecting the value of your investment in
the Portfolio. Causes of illiquid investments risk may include low trading
volumes, large positions and heavy redemptions of Portfolio shares.
Illiquid investments risk may be higher in a rising interest rate
environment, when the value and liquidity of fixed-income securities
generally decline. Municipal securities may have more illiquid investments
risk than other fixed-income securities because they trade less frequently
and the market for municipal securities is generally smaller than many
other markets. |
| • |
Derivatives Risk: Derivatives may be
difficult to price or unwind and leveraged so that small changes may
produce disproportionate losses for the Portfolio. A short position in a
derivative instrument involves the risk of a theoretically unlimited
increase in the value of the underlying asset, reference rate or index,
which could cause the Portfolio to suffer a potentially unlimited loss.
Derivatives, especially over-the-counter derivatives, are also subject to
counterparty risk, which is the risk that the counterparty (the party on
the other side of the transaction) on a derivative transaction will be
unable or unwilling to honor its contractual obligations to the Portfolio.
|
| • |
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. Some of these techniques may incorporate, or
rely upon, quantitative models, but there is no guarantee that these
models will generate accurate forecasts, reduce risk or otherwise perform
as expected. |
| • |
how
the Portfolio’s performance changed from year to year over ten years; and
|
| • |
how
the Portfolio’s average annual returns for one, five and ten years compare
to those of a broad-based securities market index.
|
| 1 Year | 5 Years | 10 Years | ||||||||||||
| Class A* | Return Before Taxes | 3.14% | 1.74% | 2.70% | ||||||||||
|
|
||||||||||||||
| Return After Taxes on Distributions | 3.05% | 1.68% | 2.66% | |||||||||||
|
|
||||||||||||||
| Return After Taxes on Distributions and Sale of Portfolio Shares | 3.11% | 1.99% | 2.79% | |||||||||||
| Class C | Return Before Taxes | 4.68% | 1.62% | 2.24% | ||||||||||
|
Bloomberg
Municipal Bond Index
(reflects
no deduction for fees, expenses or taxes) |
6.40% | 2.25% | 3.03% | |||||||||||
| * |
After-tax
Returns: |
| – |
Are
shown for Class A shares only and will vary for the other Classes of
shares because these Classes have different 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; actual after-tax returns depend on an individual investor’s tax
situation and are likely to differ from those shown; and
|
| – |
Are
not relevant to investors who hold Portfolio shares through tax-deferred
arrangements such as 401(k) plans or individual retirement accounts.
|
| Employee | Length of Service | Title | ||
| Daryl Clements | Since 2022 | Senior Vice President of the Adviser | ||
| Matthew J. Norton | Since 2016 | Senior Vice President of the Adviser | ||
| Andrew D. Potter | Since 2018 | Vice President of the Adviser | ||
|
Class A
Shares |
Class C
Shares |
Advisor Class
Shares | ||||
|
Maximum
Sales Charge (Load) Imposed on Purchases
(as
a percentage of offering price) |
||||||
|
Maximum
Deferred Sales Charge (Load)
(as
a percentage of offering price or redemption proceeds, whichever is
lower) |
||||||
|
Exchange
Fee |
| Class A | Class C | Advisor Class | ||||||||||
|
Management
Fees |
||||||||||||
|
Distribution
and/or Service (12b-1) Fees |
||||||||||||
|
Other
Expenses: |
||||||||||||
|
Transfer
Agent |
||||||||||||
|
Other
Expenses(b) |
||||||||||||
|
|
|
|
|
|
|
|||||||
|
Total
Other Expenses |
||||||||||||
|
|
|
|
|
|
|
|||||||
|
Total
Annual Portfolio Operating Expenses Before Waiver |
||||||||||||
|
|
|
|
|
|
|
|||||||
|
Fee
Waiver and/or Expense Reimbursement(c) |
( |
( |
( |
|||||||||
|
|
|
|
|
|
|
|||||||
|
Total
Annual Portfolio Operating Expenses After Fee Waiver and/or Expense
Reimbursement |
||||||||||||
|
|
|
|
|
|
|
|||||||
| (a) |
| (b) | “Other
Expenses” includes acquired fund fees and expenses totaling less than
.01%. |
| (c) | The
Adviser has contractually agreed to waive its management fees and/or to
bear certain expenses of the Portfolio to the extent necessary to prevent
total Portfolio operating expenses (excluding acquired fund fees and
expenses other than the advisory fees of any AB Funds in which the
Portfolio may invest, interest expense, and extraordinary expenses), on an
annualized basis, from exceeding .75%, 1.50% and .50% of average daily net
assets, respectively, for Class A, Class C and Advisor Class shares.
In addition to that agreement, in connection with the Portfolio’s
investments in AB Government Money Market Portfolio (the “Money Market
Portfolio”) (except for the investment of any cash collateral from
securities lending), the Adviser has contractually agreed to waive its
management fee from the Portfolio and/or reimburse other expenses of the
Portfolio in an amount equal to the Portfolio’s pro rata share of the
Money Market Portfolio’s effective management fee. Each of the agreements
will remain in effect until |
| Class A | Class C | Advisor Class | ||||||||||
|
After
1 Year |
$ | $ | * | $ | ||||||||
|
After
3 Years |
$ | $ | $ | |||||||||
|
After
5 Years |
$ | $ | $ | |||||||||
|
After
10 Years |
$ | $ | $ | |||||||||
| * | If
you did not redeem your shares at the end of the period, your expenses
would be decreased by approximately $100.
|
| • |
forward
commitments; |
| • |
zero-coupon
municipal securities and variable, floating and inverse floating-rate
municipal securities; and |
| • |
derivatives,
such as options, futures contracts, forwards and swaps.
|
| • |
Market Risk: The value of the Portfolio’s
assets will fluctuate as the market or markets in which the Portfolio
invests fluctuate. The value of the Portfolio’s investments may decline,
sometimes rapidly and unpredictably, simply because of economic changes or
other events, including public health crises (including the occurrence of
a contagious disease or illness) and regional and global conflicts, that
affect large portions of the market.
|
| • |
Interest Rate Risk: Changes in interest
rates will affect the value of investments in fixed-income securities.
When interest rates rise, the value of existing 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. |
| • |
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 the 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.
|
| • |
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, public health
crises, uncertainties related to the tax status of municipal securities,
and 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, including public health crises
(including the occurrence of a contagious disease or illness). New York’s
economy, while diverse, has a relatively large share of the nation’s
financial activities. With the financial services sector contributing more
than one-fifth of the state’s wages, the state’s economy is especially
vulnerable to adverse events affecting the financial markets such as those
that occurred in 2008-2009 and during the COVID-19 pandemic. In addition,
as New York’s financial services and professional and business
services sectors serve a global market, they can be highly sensitive to
|
|
global
trends. 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. |
| • |
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.
|
| • |
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 and accrued interest. 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. |
| • |
Tax Risk: There is no guarantee that the
income on the Portfolio’s municipal securities will be exempt from regular
U.S. federal, and if applicable, state income taxes. From time to time,
the U.S. Government and the U.S. Congress consider changes in U.S. federal
income 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.
|
| • |
Illiquid Investments Risk: Illiquid
investments risk exists when certain investments are or become difficult
to purchase or sell. Difficulty in selling such investments may result in
sales at disadvantageous prices affecting the value of your investment in
the Portfolio. Causes of illiquid investments risk may include low trading
volumes, large positions and heavy redemptions of Portfolio shares.
Illiquid investments risk may be higher in a rising interest rate
environment, when the value and liquidity of fixed-income securities
generally decline. Municipal securities may have more illiquid investments
risk than other fixed-income securities because they trade less frequently
and the market for municipal securities is generally smaller than many
other markets. |
| • |
Derivatives Risk: Derivatives may be
difficult to price or unwind and leveraged so that small changes may
produce disproportionate losses for the Portfolio. A short position in a
derivative instrument involves the risk of a theoretically unlimited
increase in the value of the underlying asset, reference rate or index,
which could cause the Portfolio to suffer a potentially unlimited loss.
Derivatives, especially over-the-counter derivatives, are also subject to
counterparty risk, which is the risk that the counterparty (the party on
the other side of the transaction) on a derivative transaction will be
unable or unwilling to honor its contractual obligations to the Portfolio.
|
| • |
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. Some of these techniques may incorporate, or
rely upon, quantitative models, but there is no guarantee that these
models will generate accurate forecasts, reduce risk or otherwise perform
as expected. |
| • |
|
| • |
|
| 1 Year | 5 Years | 10 Years | ||||||||||||
| Class A* | Return Before Taxes | |||||||||||||
| Return After Taxes on Distributions | ||||||||||||||
| Return After Taxes on Distributions and Sale of Portfolio Shares | ||||||||||||||
| Class C | Return Before Taxes | |||||||||||||
| Advisor Class | Return Before Taxes | |||||||||||||
|
Bloomberg
Municipal Bond Index
(reflects
no deduction for fees, expenses or taxes) |
||||||||||||||
| * |
|
|
|
|
|
|
|
| Employee | Length of Service | Title | ||
| Daryl Clements | Since 2022 | Senior Vice President of the Adviser | ||
| Matthew J. Norton | Since 2016 | Senior Vice President of the Adviser | ||
| Andrew D. Potter | Since 2018 | Vice President of the Adviser | ||
|
Class A
Shares |
Class C
Shares | |||
|
Maximum
Sales Charge (Load) Imposed on Purchases
(as
a percentage of offering price) |
3.00% | None | ||
|
Maximum
Deferred Sales Charge (Load)
(as
a percentage of offering price or redemption proceeds, whichever is
lower) |
None | 1.00%(a) | ||
|
Exchange
Fee |
None | None |
| Class A | Class C | |||||||
|
Management
Fees |
.45% | .45% | ||||||
|
Distribution
and/or Service (12b-1) Fees |
.25% | 1.00% | ||||||
|
Other
Expenses: |
||||||||
|
Transfer
Agent |
.07% | .07% | ||||||
|
Interest
Expense |
.01% | .01% | ||||||
|
Other
Expenses(b) |
.57% | .58% | ||||||
|
|
|
|
|
|||||
|
Total
Other Expenses |
.65% | .66% | ||||||
|
|
|
|
|
|||||
|
Total
Annual Portfolio Operating Expenses Including Interest Expense Before
Waiver |
1.35% | 2.11% | ||||||
|
|
|
|
|
|||||
|
Fee
Waiver and/or Expense Reimbursement(c) |
(.54)% | (.55)% | ||||||
|
|
|
|
|
|||||
|
Total
Annual Portfolio Operating Expenses Including Interest Expense After Fee
Waiver and/or Expense Reimbursement(d) |
.81% | 1.56% | ||||||
|
|
|
|
|
|||||
| (a) |
For
Class C shares, the contingent deferred sales charge, or CDSC, is 0%
after the first year. Class C shares automatically convert to
Class A shares after eight years. |
| (b) |
“Other
Expenses” includes acquired fund fees and expenses totaling less than
.01%. |
| (c) |
The
Adviser has contractually agreed to waive its management fees and/or to
bear certain expenses of the Portfolio to the extent necessary to prevent
total Portfolio operating expenses (excluding acquired fund fees and
expenses other than the advisory fees of any AB Funds in which the
Portfolio may invest, interest expense, and extraordinary expenses), on an
annualized basis, from exceeding .80% and 1.55% of average daily net
assets, respectively, for Class A and Class C shares. In addition to
that agreement, in connection with the Portfolio’s investments in AB
Government Money Market Portfolio (the “Money Market Portfolio”) (except
for the investment of any cash collateral from securities lending), the
Adviser has contractually agreed to waive its management fee from the
Portfolio and/or reimburse other expenses of the Portfolio in an amount
equal to the Portfolio’s pro rata share of the Money Market Portfolio’s
effective management fee. Each of the agreements will remain in effect
until September 30, 2025 and may only be terminated or changed with
the consent of the Portfolio’s Board of Trustees. In addition, each
agreement will be automatically extended for one-year terms unless the
Adviser provides notice of termination to the Portfolio at least 60 days
prior to the end of the period. |
| (d) |
If
interest expense were excluded, Total Annual Portfolio Operating Expenses
After Fee Waiver and/or Expense Reimbursement would be as follows:
|
| Class A | Class C | |||||||
| .80% | 1.55% | |||||||
| Class A | Class C | |||||||
|
After
1 Year |
$ | 380 | $ | 259 | * | |||
|
After
3 Years |
$ | 663 | $ | 608 | ||||
|
After
5 Years |
$ | 967 | $ | 1,083 | ||||
|
After
10 Years |
$ | 1,830 | $ | 2,203 | ||||
| * |
If
you did not redeem your shares at the end of the period, your expenses
would be decreased by approximately $100. |
| • |
forward
commitments; |
| • |
zero-coupon
municipal securities and variable, floating and inverse floating-rate
municipal securities; and |
| • |
derivatives,
such as options, futures contracts, forwards and swaps.
|
| • |
Market Risk: The value of the Portfolio’s
assets will fluctuate as the market or markets in which the Portfolio
invests fluctuate. The value of the Portfolio’s investments may decline,
sometimes rapidly and unpredictably, simply because of economic changes or
other events, including public health crises (including the occurrence of
a contagious disease or illness) and regional and global conflicts, that
affect large portions of the market. |
| • |
Interest Rate Risk: Changes in interest
rates will affect the value of investments in fixed-income securities.
When interest rates rise, the value of existing 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. |
| • |
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 the 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. |
| • |
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, public health
crises, uncertainties related to the tax status of municipal securities,
and the rights of investors in these securities. The Portfolio’s
investments in Ohio municipal securities may be vulnerable to events
adversely affecting its economy, including public health crises (including
the occurrence of a contagious disease or illness). Although manufacturing
(including auto-related manufacturing) in Ohio remains an integral part of
the State’s economy, the greatest growth in Ohio’s economy in recent years
has been in the non-manufacturing sectors, including the trade,
transportation and public utilities, educational and health services,
government and professional and business services sectors. However,
adverse economic conditions can adversely affect the state’s economy and
employment rates. 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. |
| • |
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. |
| • |
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 and accrued interest. 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. |
| • |
Tax Risk: There is no guarantee that the
income on the Portfolio’s municipal securities will be exempt from regular
U.S. federal, and if applicable, state income taxes. From time to time,
the U.S. Government and the U.S. Congress consider changes in U.S. federal
income 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.
|
| • |
Illiquid Investments Risk: Illiquid
investments risk exists when certain investments are or become difficult
to purchase or sell. Difficulty in selling such investments may result in
sales at disadvantageous prices affecting the value of your investment in
the Portfolio. Causes of illiquid investments risk may include low trading
volumes, large positions and heavy redemptions of Portfolio shares.
Illiquid investments risk may be higher in a rising interest rate
environment, when the value and liquidity of fixed-income securities
generally decline. Municipal securities may have more illiquid investments
risk than other fixed-income securities because they trade less frequently
and the market for municipal securities is generally smaller than many
other markets. |
| • |
Derivatives Risk: Derivatives may be
difficult to price or unwind and leveraged so that small changes may
produce disproportionate losses for the Portfolio. A short position in a
derivative instrument involves the risk of a theoretically unlimited
increase in the value of the underlying asset, reference rate or index,
which could cause the Portfolio to suffer a potentially unlimited loss.
Derivatives, especially over-the-counter derivatives, are also subject to
counterparty risk, which is the risk that the counterparty (the party on
the other side of the transaction) on a derivative transaction will be
unable or unwilling to honor its contractual obligations to the Portfolio.
|
| • |
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. Some of these techniques may incorporate, or
rely upon, quantitative models, but there is no guarantee that these
models will generate accurate forecasts, reduce risk or otherwise perform
as expected. |
| • |
how
the Portfolio’s performance changed from year to year over ten years; and
|
| • |
how
the Portfolio’s average annual returns for one, five and ten years compare
to those of a broad-based securities market index.
|
| 1 Year | 5 Years | 10 Years | ||||||||||||
| Class A* | Return Before Taxes | 2.44% | 1.22% | 2.30% | ||||||||||
| Return After Taxes on Distributions | 2.36% | 1.19% | 2.27% | |||||||||||
| Return After Taxes on Distributions and Sale of Portfolio Shares | 2.55% | 1.53% | 2.41% | |||||||||||
| Class C | Return Before Taxes | 3.80% | 1.10% | 1.86% | ||||||||||
|
Bloomberg
Municipal Bond Index
(reflects
no deduction for fees, expenses or taxes) |
6.40% | 2.25% | 3.03% | |||||||||||
| * |
After-tax
Returns: |
| – |
Are
shown for Class A shares only and will vary for the other Classes of
shares because these Classes have different 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; actual after-tax returns depend on an individual investor’s tax
situation and are likely to differ from those shown; and
|
| – |
Are
not relevant to investors who hold Portfolio shares through tax-deferred
arrangements such as 401(k) plans or individual retirement accounts.
|
| Employee | Length of Service | Title | ||
| Daryl Clements | Since 2022 | Senior Vice President of the Adviser | ||
| Matthew J. Norton | Since 2016 | Senior Vice President of the Adviser | ||
| Andrew D. Potter | Since 2018 | Vice President of the Adviser | ||
|
Class A
Shares |
Class C
Shares | |||
|
Maximum
Sales Charge (Load) Imposed on Purchases
(as
a percentage of offering price) |
3.00% | None | ||
|
Maximum
Deferred Sales Charge (Load)
(as
a percentage of offering price or redemption proceeds, whichever is
lower) |
None | 1.00%(a) | ||
|
Exchange
Fee |
None | None |
| Class A | Class C | |||||||
|
Management
Fees |
.45% | .45% | ||||||
|
Distribution
and/or Service (12b-1) Fees |
.25% | 1.00% | ||||||
|
Other
Expenses: |
||||||||
|
Transfer
Agent |
.07% | .07% | ||||||
|
Other
Expenses(b) |
.59% | .59% | ||||||
|
|
|
|
|
|||||
|
Total
Other Expenses |
.66% | .66% | ||||||
|
|
|
|
|
|||||
|
Total
Annual Portfolio Operating Expenses Before Waiver |
1.36% | 2.11% | ||||||
|
|
|
|
|
|||||
|
Fee
Waiver and/or Expense Reimbursement(c) |
(.51)% | (.51)% | ||||||
|
|
|
|
|
|||||
|
Total
Annual Portfolio Operating Expenses After Fee Waiver and/or Expense
Reimbursement |
.85% | 1.60% | ||||||
|
|
|
|
|
|||||
| (a) |
For
Class C shares, the contingent deferred sales charge, or CDSC, is 0%
after the first year. Class C shares automatically convert to
Class A shares after eight years. |
| (b) |
“Other
Expenses” includes acquired fund fees and expenses totaling less than
.01%. |
| (c) |
The
Adviser has contractually agreed to waive its management fees and/or to
bear certain expenses of the Portfolio to the extent necessary to prevent
total Portfolio operating expenses (excluding acquired fund fees and
expenses other than the advisory fees of any AB Funds in which the
Portfolio may invest, interest expense, and extraordinary expenses), on an
annualized basis, from exceeding .85% and 1.60% of average daily net
assets, respectively, for Class A and Class C shares. In addition to
that agreement, in connection with the Portfolio’s investments in AB
Government Money Market Portfolio (the “Money Market Portfolio”) (except
for the investment of any cash collateral from securities lending), the
Adviser has contractually agreed to waive its management fee from the
Portfolio and/or reimburse other expenses of the Portfolio in an amount
equal to the Portfolio’s pro rata share of the Money Market Portfolio’s
effective management fee. Each of the agreements will remain in effect
until September 30, 2025 and may only be terminated or changed with
the consent of the Portfolio’s Board of Trustees. In addition, each
agreement will be automatically extended for one-year terms unless the
Adviser provides notice of termination to the Portfolio at least 60 days
prior to the end of the period. |
| Class A | Class C | |||||||
|
After
1 Year |
$ | 384 | $ | 263 | * | |||
|
After
3 Years |
$ | 669 | $ | 612 | ||||
|
After
5 Years |
$ | 975 | $ | 1,087 | ||||
|
After
10 Years |
$ | 1,843 | $ | 2,209 | ||||
| * |
If
you did not redeem your shares at the end of the period, your expenses
would be decreased by approximately $100. |
| • |
forward
commitments; |
| • |
zero-coupon
municipal securities and variable, floating and inverse floating-rate
municipal securities; and |
| • |
derivatives,
such as options, futures contracts, forwards and swaps.
|
| • |
Market Risk: The value of the Portfolio’s
assets will fluctuate as the market or markets in which the Portfolio
invests fluctuate. The value of the Portfolio’s investments may decline,
sometimes rapidly and unpredictably, simply because of economic changes or
other events, including public health crises (including the occurrence of
a contagious disease or illness) and regional and global conflicts, that
affect large portions of the market. |
| • |
Interest Rate Risk: Changes in interest
rates will affect the value of investments in fixed-income securities.
When interest rates rise, the value of existing 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. |
| • |
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 the 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. |
| • |
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, public health
crises, uncertainties related to the tax status of municipal securities,
and the rights of investors in these securities. The Portfolio’s
investments in Pennsylvania municipal securities may be vulnerable to
events adversely affecting its economy, including public health crises
(including the occurrence of a contagious disease or illness).
Pennsylvania benefits from a highly diversified economy with a mix of
industries. Currently, the major sources of growth in Pennsylvania are in
the education and health care, manufacturing and technology sectors.
However, the state is vulnerable to business downturns and decreased
capital spending. 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.
|
| • |
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. |
| • |
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 and accrued interest. 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. |
| • |
Tax Risk: There is no guarantee that the
income on the Portfolio’s municipal securities will be exempt from regular
U.S. federal, and if applicable, state income taxes. From time to time,
the U.S. Government and the U.S. Congress consider changes in U.S. federal
income 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.
|
| • |
Illiquid Investments Risk: Illiquid
investments risk exists when certain investments are or become difficult
to purchase or sell. Difficulty in selling such investments may result in
sales at disadvantageous prices affecting the value of your investment in
the Portfolio. Causes of illiquid investments risk may include low trading
volumes, large positions and heavy redemptions of Portfolio shares.
Illiquid investments risk may be higher in a rising interest rate
environment, when the value and liquidity of fixed-income securities
generally decline. Municipal securities may have more illiquid investments
risk than other fixed-income securities because they trade less frequently
and the market for municipal securities is generally smaller than many
other markets. |
| • |
Derivatives Risk: Derivatives may be
difficult to price or unwind and leveraged so that small changes may
produce disproportionate losses for the Portfolio. A short position in a
derivative instrument involves the risk of a theoretically unlimited
increase in the value of the underlying asset, reference rate or index,
which could cause the Portfolio to suffer a potentially unlimited loss.
Derivatives, especially over-the-counter derivatives, are also subject to
counterparty risk, which is the risk that the counterparty (the party on
the other side of the transaction) on a derivative transaction will be
unable or unwilling to honor its contractual obligations to the Portfolio.
|
| • |
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. Some of these techniques may incorporate, or
rely upon, quantitative models, but there is no guarantee that these
models will generate accurate forecasts, reduce risk or otherwise perform
as expected. |
| • |
how
the Portfolio’s performance changed from year to year over ten years; and
|
| • |
how
the Portfolio’s average annual returns for one, five and ten years compare
to those of a broad-based securities market index.
|
| 1 Year | 5 Years | 10 Years | ||||||||||||
| Class A* | Return Before Taxes | 1.25% | 1.11% | 2.34% | ||||||||||
| Return After Taxes on Distributions | 1.17% | 1.08% | 2.32% | |||||||||||
| Return After Taxes on Distributions and Sale of Portfolio Shares | 1.89% | 1.48% | 2.47% | |||||||||||
| Class C | Return Before Taxes | 2.64% | 0.95% | 1.89% | ||||||||||
|
Bloomberg
Municipal Bond Index
(reflects
no deduction for fees, expenses or taxes) |
6.40% | 2.25% | 3.03% | |||||||||||
| * |
After-tax
Returns: |
| – |
Are
shown for Class A shares only and will vary for the other Classes of
shares because these Classes have different 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; actual after-tax returns depend on an individual investor’s tax
situation and are likely to differ from those shown; and
|
| – |
Are
not relevant to investors who hold Portfolio shares through tax-deferred
arrangements such as 401(k) plans or individual retirement accounts.
|
| Employee | Length of Service | Title | ||
| Daryl Clements | Since 2022 | Senior Vice President of the Adviser | ||
| Matthew J. Norton | Since 2016 | Senior Vice President of the Adviser | ||
| Andrew D. Potter | Since 2018 | Vice President of the Adviser | ||
|
Class A
Shares |
Class C
Shares |
Advisor Class
Shares | ||||
|
Maximum
Sales Charge (Load) Imposed on Purchases
(as
a percentage of offering price) |
3.00% | None | None | |||
|
Maximum
Deferred Sales Charge (Load)
(as
a percentage of offering price or redemption proceeds, whichever is
lower) |
None | 1.00%(a) | None | |||
|
Exchange
Fee |
None | None | None |
| Class A | Class C | Advisor Class | ||||||||||
|
Management
Fees |
.45% | .45% | .45% | |||||||||
|
Distribution
and/or Service (12b-1) Fees |
.25% | 1.00% | None | |||||||||
|
Other
Expenses: |
||||||||||||
|
Transfer
Agent |
.03% | .03% | .03% | |||||||||
|
Other
Expenses(b) |
.16% | .16% | .16% | |||||||||
|
|
|
|
|
|
|
|||||||
|
Total
Other Expenses |
.19% | .19% | .19% | |||||||||
|
|
|
|
|
|
|
|||||||
|
Total
Annual Portfolio Operating Expenses Before Waiver |
.89% | 1.64% | .64% | |||||||||
|
|
|
|
|
|
|
|||||||
|
Fee
Waiver and/or Expense Reimbursement(c) |
(.09)% | (.09)% | (.09)% | |||||||||
|
|
|
|
|
|
|
|||||||
|
Total
Annual Portfolio Operating Expenses After Fee Waiver and/or Expense
Reimbursement |
.80% | 1.55% | .55% | |||||||||
|
|
|
|
|
|
|
|||||||
| (a) |
For
Class C shares, the contingent deferred sales charge, or CDSC, is 0%
after the first year. Class C shares automatically convert to
Class A shares after eight years. |
| (b) |
“Other
Expenses” includes acquired fund fees and expenses totaling less than
.01%. |
| (c) |
The
Adviser has contractually agreed to waive its management fees and/or to
bear certain expenses of the Portfolio to the extent necessary to prevent
total Portfolio operating expenses (excluding acquired fund fees and
expenses other than the advisory fees of any AB Funds in which the
Portfolio may invest, interest expense, and extraordinary expenses), on an
annualized basis, from exceeding .80%, 1.55% and .55% of average daily net
assets, respectively, for Class A, Class C and Advisor Class shares.
In addition to that agreement, in connection with the Portfolio’s
investments in AB Government Money Market Portfolio (the “Money Market
Portfolio”) (except for the investment of any cash collateral from
securities lending), the Adviser has contractually agreed to waive its
management fee from the Portfolio and/or reimburse other expenses of the
Portfolio in an amount equal to the Portfolio’s pro rata share of the
Money Market Portfolio’s effective management fee. Each of the agreements
will remain in effect until September 30, 2025 and may only be
terminated or changed with the consent of the Portfolio’s Board of
Trustees. In addition, each agreement will be automatically extended for
one-year terms unless the Adviser provides notice of termination to the
Portfolio at least 60 days prior to the end of the period.
|
| Class A | Class C | Advisor Class | ||||||||||
|
After
1 Year |
$ | 379 | $ | 258 | * | $ | 56 | |||||
|
After
3 Years |
$ | 567 | $ | 508 | $ | 196 | ||||||
|
After
5 Years |
$ | 770 | $ | 883 | $ | 348 | ||||||
|
After
10 Years |
$ | 1,355 | $ | 1,736 | $ | 790 | ||||||
| * |
If
you did not redeem your shares at the end of the period, your expenses
would be decreased by approximately $100. |
| • |
forward
commitments; |
| • |
zero-coupon
municipal securities and variable, floating and inverse floating-rate
municipal securities; and |
| • |
derivatives,
such as options, futures contracts, forwards and swaps.
|
| • |
Market Risk: The value of the Portfolio’s
assets will fluctuate as the market or markets in which the Portfolio
invests fluctuate. The value of the Portfolio’s investments may decline,
sometimes rapidly and unpredictably, simply because of economic changes or
other events, including public health crises (including the occurrence of
a contagious disease or illness) and regional and global conflicts, that
affect large portions of the market. |
| • |
Interest Rate Risk: Changes in interest
rates will affect the value of investments in fixed-income securities.
When interest rates rise, the value of existing 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. |
| • |
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 the 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. |
| • |
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, public health
crises, uncertainties related to the tax status of municipal securities,
and the rights of investors in these securities. The Portfolio’s
investments in Virginia municipal securities may be vulnerable to events
adversely affecting its economy, including public health crises (including
the occurrence of a contagious disease or illness). Virginia has a highly
diversified economy, with professional and business activities, education
and health, and retail trade as major components. Public administration,
including the federal, state and local governments, both military and
civilian, also plays a large role in its economy. The state benefits from
increases in U.S. Government spending but is vulnerable to spending
decreases. 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. |
| • |
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. |
| • |
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 and accrued interest. 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. |
| • |
Tax Risk: There is no guarantee that the
income on the Portfolio’s municipal securities will be exempt from regular
U.S. federal, and if applicable, state income taxes. From time to time,
the U.S. Government and the U.S. Congress consider changes in U.S. federal
income 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.
|
| • |
Illiquid Investments Risk: Illiquid
investments risk exists when certain investments are or become difficult
to purchase or sell. Difficulty in selling such investments may result in
sales at disadvantageous prices affecting the value of your investment in
the Portfolio. Causes of illiquid investments risk may include low trading
volumes, large positions and heavy redemptions of Portfolio shares.
Illiquid investments risk may be higher in a rising interest rate
environment, when the value and liquidity of fixed-income securities
generally decline. Municipal securities may have more illiquid investments
risk than other fixed-income securities because they trade less frequently
and the market for municipal securities is generally smaller than many
other markets. |
| • |
Derivatives Risk: Derivatives may be
difficult to price or unwind and leveraged so that small changes may
produce disproportionate losses for the Portfolio. A short position in a
derivative instrument involves the risk of a theoretically unlimited
increase in the value of the underlying asset, reference rate or index,
which could cause the Portfolio to suffer a potentially unlimited loss.
Derivatives, especially over-the-counter derivatives, are also subject to
counterparty risk, which is the risk that the counterparty (the party on
the other side of the transaction) on a derivative transaction will be
unable or unwilling to honor its contractual obligations to the Portfolio.
|
| • |
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. Some of these techniques may incorporate, or
rely upon, quantitative models, but there is no guarantee that these
models will generate accurate forecasts, reduce risk or otherwise perform
as expected. |
| • |
how
the Portfolio’s performance changed from year to year over ten years; and
|
| • |
how
the Portfolio’s average annual returns for one, five and ten years compare
to those of a broad-based securities market index.
|
| 1 Year | 5 Years | 10 Years | ||||||||||||
| Class A* | Return Before Taxes | 2.27% | 1.23% | 2.43% | ||||||||||
| Return After Taxes on Distributions | 2.19% | 1.19% | 2.38% | |||||||||||
| Return After Taxes on Distributions and Sale of Portfolio Shares | 2.32% | 1.48% | 2.48% | |||||||||||
| Class C | Return Before Taxes | 3.68% | 1.10% | 1.99% | ||||||||||
| Advisor Class** | Return Before Taxes | 5.72% | 2.09% | 3.00% | ||||||||||
|
Bloomberg
Municipal Bond Index
(reflects
no deduction for fees, expenses or taxes) |
6.40% | 2.25% | 3.03% | |||||||||||
| * |
After-tax
Returns: |
| – |
Are
shown for Class A shares only and will vary for the other Classes of
shares because these Classes have different 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; actual after-tax returns depend on an individual investor’s tax
situation and are likely to differ from those shown; and
|
| – |
Are
not relevant to investors who hold Portfolio shares through tax-deferred
arrangements such as 401(k) plans or individual retirement accounts.
|
| ** |
Inception
date for Advisor Class shares: 7/25/2016. Performance information for
period prior to the inception of Advisor Class shares is the
performance of the Portfolio’s Class A shares adjusted to reflect the
expenses of Advisor Class shares. |
| Employee | Length of Service | Title | ||
| Daryl Clements | Since 2022 | Senior Vice President of the Adviser | ||
| Matthew J. Norton | Since 2016 | Senior Vice President of the Adviser | ||
| Andrew D. Potter | Since 2018 | Vice President of the Adviser | ||
| • |
PURCHASE
AND SALE OF PORTFOLIO SHARES |
| Initial | Subsequent | |||
| Class A/Class C shares, including traditional IRAs and Roth IRAs | $2,500 | $50 | ||
| Automatic Investment Program | None |
$50
If
initial investment is less than $2,500, then $200 monthly until account balance reaches $2,500 | ||
| Advisor Class shares (only available to fee-based programs or through other limited arrangements and certain commission-based brokerage arrangements) | None | None | ||
| Class A and Class Z shares are available at NAV, without an initial sales charge, to 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit-sharing and money purchase pension plans, defined benefit plans, and non-qualified deferred compensation plans and, for Class Z shares, to persons participating in certain fee-based programs sponsored by a financial intermediary, where in each case plan level or omnibus accounts are held on the books of the Portfolio. | None | None |
| • |
TAX
INFORMATION |
| • |
PAYMENTS
TO BROKER-DEALERS AND OTHER FINANCIAL
INTERMEDIARIES |
| Portfolio |
Insured
Bonds |
Pre-Refunded
Bonds | ||||||||
|
AB
National Portfolio |
5.40 | % | 0.00 | % | ||||||
|
AB
High Income Portfolio |
1.50 | 0.00 | ||||||||
|
AB
California Portfolio |
4.40 | 0.00 | ||||||||
|
AB
Arizona Portfolio |
8.70 | 0.00 | ||||||||
|
AB
Massachusetts Portfolio |
1.60 | 0.00 | ||||||||
|
AB
Minnesota Portfolio |
0.00 | 0.00 | ||||||||
|
AB
New Jersey Portfolio |
18.60 | 0.00 | ||||||||
|
AB
New York Portfolio |
4.20 | 0.00 | ||||||||
|
AB
Ohio Portfolio |
3.00 | 0.00 | ||||||||
|
AB
Pennsylvania Portfolio |
12.30 | 0.00 | ||||||||
|
AB
Virginia Portfolio |
1.80 | 0.00 | ||||||||
| • |
Forward Contracts. A forward contract is
an agreement that obligates one party to buy, and the other party to sell,
a specific quantity of an underlying commodity or other tangible asset for
an agreed upon price at a future date. A forward contract generally is
settled by physical delivery of the commodity or tangible asset to an
agreed-upon location (rather than settled by cash) or is rolled forward
into a new forward contract, or in the case of a non-deliverable forward,
by a cash payment at maturity. |
| • |
Futures Contracts and Options on Futures
Contracts. A futures contract is a standardized, exchange-traded
agreement that obligates the buyer to buy and the seller to sell a
specified quantity of an underlying asset (or settle for cash the value of
a contract based on an underlying asset, rate, or index) at a specific
price on the contract maturity date. Options on futures contracts are
options that call for the delivery of futures contracts upon exercise.
Futures contracts that a Portfolio may buy and sell may include futures
contracts on municipal securities, U.S. Government securities and
contracts based on any index of municipal securities, U.S. Government
securities, or financial indices or reference
rates. |
| • |
Options. An option is an agreement that,
for a premium payment or fee, gives the option holder (the buyer) the
right but not the obligation to buy (a “call option”) or sell (a “put
option”) the underlying asset (or settle for cash an amount based on an
underlying asset, rate, or index) at a specified price (the exercise
price) during a period of time or on a specified date. Investments in
options are considered speculative. A Portfolio may lose the premium paid
for them if the price of the underlying security or other asset decreased
or remained the same (in the case of a call option) or increased or
remained the same (in the case of a put option). If a put or call option
purchased by a Portfolio were permitted to expire without being sold or
exercised, its premium would represent a loss to the Portfolio. The
Portfolios’ investments in options include the
following: |
| – |
Options
on Securities. In an effort to increase current income and to reduce
fluctuations in NAV, the Portfolios may write covered or uncovered put and
call options and purchase put and call options on municipal securities,
U.S. Government securities and financial indices or reference rates. The
Portfolios may also enter into options on the yield “spread” or yield
differential between two securities. In contrast to other types of
options, this type of option is based on the difference between the yields
of designated securities, which may be reflected in the prices of related
futures contracts or other instruments. In addition, the Portfolios may
write covered straddles. A straddle is a combination of a call and a put
written on the same underlying security. In purchasing an option on
securities, a Portfolio would be in a position to realize a gain if,
during the option period, the price of the underlying securities increased
(in the case of a call) or decreased (in the case of a put) by an amount
in excess of the premium paid; otherwise the Portfolio would experience a
loss not greater than the premium paid for the option. Thus, a Portfolio
would realize a loss if the price of the underlying security declined or
remained the same (in the case of a call) or increased or remained the
same (in the case of a put) or otherwise did not increase (in the case of
a put) or decrease (in the case of a call) by more than the amount of the
premium. If a put or call option purchased by a Portfolio were permitted
to expire without being sold or exercised, its premium would represent a
loss to the Portfolio. |
| – |
Options
on Municipal and U.S. Government Securities Indices. An option on a
securities index is similar to an option on a security except that, rather
than taking or making delivery of a security at a specified price, an
option on a securities index gives the holder the right to receive, upon
exercise of the option, an amount of cash if the closing level of the
chosen index is greater than (in the case of a call) or less than (in the
case of a put) the exercise price of the option. |
| • |
Swap Transactions. A swap is an agreement
that obligates two parties to exchange a series of cash flows at specified
intervals (payment dates) based upon or calculated by reference to changes
in specified prices, rates (e.g.,
interest rates in the case of interest rate swaps), or index for a
specified amount of an underlying asset (the “notional” principal amount).
Generally, the notional principal amount is used solely to calculate the
payment stream, but is not exchanged. Most swaps are entered into on a net
basis (i.e., the two payment
streams are netted out, with the Portfolio receiving or paying, as the
case may be, only the net amount of the two payments). Certain
standardized swaps, including certain interest rate swaps and credit
default swaps, are subject to mandatory central clearing and are required
to be executed through a regulated swap execution facility. Cleared swaps
are transacted through futures commission merchants (“FCMs”) that are
members of |
|
central
clearinghouses with the clearinghouse serving as central counterparty,
similar to transactions in futures contracts. Portfolios post initial and
variation margin to support their obligations under cleared swaps by
making payments to their clearing member FCMs. Central clearing is
intended to reduce counterparty credit risks and increase liquidity, but
central clearing does not make swap transactions risk free. The Securities
and Exchange Commission (the “SEC”) may adopt similar clearing and
execution requirements in respect of certain security-based swaps under
its jurisdiction. Privately negotiated swap agreements are two-party
contracts entered into primarily by institutional investors and are not
cleared through a third party, nor are these required to be executed on a
regulated swap execution facility. Payments received by a Portfolio from
swap agreements will result in taxable income, either as ordinary income
or capital gains, rather than tax-exempt income, which will in turn
increase the amount of taxable distributions received by
shareholders. |
| – |
Interest
Rate Swaps, Swaptions, Caps and Floors. Interest rate swaps involve the
exchange by a Portfolio with another party of payments calculated by
reference to specified interest rates (e.g., an exchange of floating-rate
payments for fixed-rate payments). Unless there is a counterparty default,
the risk of loss to the Portfolio from interest rate swap transactions is
limited to the net amount of interest payments that the Portfolio is
contractually obligated to make. If the counterparty to an interest rate
swap transaction defaults, the Portfolio’s risk of loss consists of the
net amount of interest payments that the Portfolio contractually is
entitled to receive. |
| – |
Inflation
(CPI) Swaps. Inflation swap agreements are contracts in which one party
agrees to pay the cumulative percentage increase in a price index (the
Consumer Price Index with respect to CPI swaps) over the term of the swap
(with some lag on the inflation index), and the other pays a compounded
fixed rate. Inflation swap agreements may be used to protect the NAV of a
Portfolio against an unexpected change in the rate of inflation measured
by an inflation index since the value of these agreements may be expected
to increase if inflation increases. A Portfolio will enter into inflation
swaps on a net basis. The values of inflation swap agreements are expected
to change in response to changes in real interest rates. Real interest
rates are tied to the relationship between nominal interest rates and the
rate of inflation. If nominal interest rates increase at a faster rate
than inflation, real interest rates may rise, leading to a decrease in
value of an inflation swap agreement. |
| – |
Credit
Default Swap Agreements. The “buyer” in a credit default swap contract is
obligated to pay the “seller” a periodic stream of payments over the term
of the contract in return for a contingent payment upon the occurrence of
a credit event with respect to an underlying reference obligation.
Generally, a credit event means bankruptcy, failure to pay, obligation
acceleration or restructuring. A Portfolio may be either the buyer or
seller in the transaction. As a seller, a Portfolio receives a fixed rate
of income throughout the term of the contract, which typically is between
one month and ten years, provided that no credit event occurs. If a credit
event occurs, a Portfolio, as seller, typically must pay the contingent
payment to the buyer, which will be either (i) the “par value” (face
amount) of the reference obligation in which case the Portfolio will
receive the reference obligation in return or (ii) an amount equal to
the difference between the face amount and the current market value of the
reference obligation. As a buyer, if a credit event occurs, the Portfolio
would be the receiver of such contingent payments, either delivering the
reference obligation in exchange for the full notional (face) value of a
reference obligation that may have little or no value, or receiving
a |
|
payment
equal to the difference between the face amount and the current market
value of the obligation. The current market value of the reference
obligation is typically determined via an auction process sponsored by the
International Swaps and Derivatives Association, Inc. The periodic
payments previously received by the Portfolio, coupled with the value of
any reference obligation received, may be less than the full amount it
pays to the buyer, resulting in a loss to the Portfolio. If the reference
obligation is a defaulted security, physical delivery of the security will
cause a Portfolio to hold a defaulted security. If a Portfolio is a buyer
and no credit event occurs, the Portfolio will lose its periodic stream of
payments over the term of the contract. However, if a credit event occurs,
the buyer typically receives full notional value for a reference
obligation that may have little or no value. |
| By Mail: |
c/o
Foreside Fund Services, LLC
Three
Canal Plaza, Suite 100
Portland,
Maine 04101 | |
| By Phone: |
For
Information and Literature:
(800)
243-5994 | |
| On the Internet: | www.abfunds.com | |
| • |
Are
signed and dated by the person(s) authorized in accordance with the
Portfolio’s policies and procedures to access the account and request
transactions; |
| • |
Include
the fund and account number; and |
| • |
Include
the amount of the transaction (stated in dollars, shares, or
percentage). |
| • |
Medallion
signature guarantees or notarized signatures, if required for the type of
transaction. (Requirements are detailed on AllianceBernstein Investor
Services, Inc., or ABIS, service forms; Please contact ABIS with any
questions) |
| • |
Any
supporting documentation that may be required. |
| Purchase Minimums and Maximums |
|
—Initial: |
$ | 2,500 | ||
|
—Subsequent: |
$ | 50 |
| * |
Purchase
minimums may not apply to some accounts established in connection with the
Automatic Investment Program and to some retirement-related investment
programs. These investment minimums also do not apply to persons
participating in a fee-based program or “Mutual Fund Only” brokerage
program which is sponsored and maintained by a registered broker-dealer or
other financial intermediary with omnibus account or “network level”
account arrangements with the Portfolio. |
|
—Class A
shares |
None | |||
|
—Class C
shares |
$ | 500,000 |
| • |
traditional
and Roth IRAs (the minimums listed in the table above
apply); |
| • |
SEPs,
SAR-SEPs, SIMPLE IRAs, and individual 403(b)
plans; |
| • |
all
401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit-sharing
and money purchase pension plans, defined benefit plans, and non-qualified
deferred compensation plans where plan level or omnibus accounts are held
on the books of the Portfolio (“group retirement plans”) with assets of
$1,000,000 or more; |
| • |
AllianceBernstein-sponsored
Coverdell Education Savings Accounts ($2,000 initial investment minimum,
$150 Automatic Investment Program monthly
minimum); |
| • |
AllianceBernstein-sponsored
group retirement plans; |
| • |
AllianceBernstein
Link, AllianceBernstein Individual 401(k), and AllianceBernstein SIMPLE
IRA plans with at least $250,000 in plan assets and 100 employees;
and |
| • |
certain
defined contribution retirement plans that do not have plan level or
omnibus accounts on the books of a Portfolio. |
| • |
through
accounts established under a fee-based program, sponsored and maintained
by a registered broker-dealer or other financial intermediary and approved
by ABI; |
| • |
through
a defined contribution employee benefit plan (e.g., a 401(k) plan) that purchases
shares directly without the involvement of a financial intermediary;
and |
| • |
by
investment advisory clients of, and certain other persons associated with,
the Adviser and its affiliates or the
Portfolios. |
|
Distribution and/or Service
(Rule 12b-1) Fee (as a
Percentage of Aggregate
Average Daily Net Assets) | |||||
|
Class A |
0.25 | %* | |||
|
Class C |
1.00 | % | |||
|
Advisor
Class |
None | ||||
|
Class Z |
None | ||||
| * |
The
maximum fee allowed under the Rule 12b-1 Plan for the Class A shares
of each Portfolio is .30% of the aggregate average daily net assets. The
Boards currently limit the payments to .25%. |
| Initial Sales Charge | ||||||||||
| Amount Purchased |
as % of
Net Amount
Invested |
as % of
Offering
Price | ||||||||
|
Up
to $100,000 |
3.09 | % | 3.00 | % | ||||||
|
$100,000
up to $250,000 |
2.04 | 2.00 | ||||||||
|
$250,000
up to $500,000 |
1.01 | 1.00 | ||||||||
|
$500,000
and above |
0.00 | 0.00 | ||||||||
| • |
AllianceBernstein
Link, AllianceBernstein Individual 401(k), and AllianceBernstein SIMPLE
IRA plans with at least $250,000 in plan assets or 100
employees; |
| • |
persons
participating in a fee-based program, sponsored and maintained by a
registered broker-dealer or other financial intermediary, under which
persons pay an asset-based fee for services in the nature of investment
advisory or administrative services, or clients of broker-dealers or other
financial intermediaries who purchase Class A shares for their own
accounts through self-directed and/or non-discretionary brokerage accounts
with the broker-dealers or other financial intermediaries that may or may
not charge a transaction fee to their customers; |
| • |
plan
participants who roll over amounts distributed from employer maintained
retirement plans to AllianceBernstein-sponsored IRAs where the plan is a
client of or serviced by the Adviser’s Institutional Investment Management
Division or Bernstein Private Wealth Management Division, including
subsequent contributions to those IRAs; |
| • |
certain
other investors, such as investment management clients of the Adviser or
its affiliates, including clients and prospective clients of the Adviser’s
Institutional Investment Management Division, employees of selected
dealers authorized to sell a Portfolio’s shares and employees of the
Adviser; or |
| • |
persons
participating in a “Mutual Fund Only” brokerage program, sponsored and
maintained by a registered broker-dealer or other financial
intermediary. |
| • |
an
individual, his or her spouse or domestic partner, or the individual’s
children under the age of 21 purchasing shares for his, her or their own
account(s); |
| • |
a
trustee or other fiduciary purchasing shares for a single trust, estate or
single fiduciary account with one or more beneficiaries
involved; |
| • |
the
employee benefit plans of a single employer; or |
| • |
any
company that has been in existence for at least six months or has a
purpose other than the purchase of shares of the
Portfolio. |
| • |
all
of the shareholder’s accounts at the Portfolios or a financial
intermediary; and |
| • |
accounts
of related parties of the shareholder, such as members of the same family,
at any financial intermediary. |
| • |
permitted
exchanges of shares; |
| • |
following
the death or disability of a shareholder; |
| • |
if
the redemption represents a minimum required distribution from an IRA or
other retirement plan to a shareholder who has attained the age of 73;
or |
| • |
if
the redemption is necessary to meet a plan participant’s or beneficiary’s
request for a distribution or loan from a group retirement plan or to
accommodate a plan participant’s or beneficiary’s direction to reallocate
his or her plan account among other investment alternatives available
under a group retirement plan. |
| • |
the
amount you intend to invest; |
| • |
how
long you expect to own shares; |
| • |
expenses
associated with owning a particular class of
shares; |
| • |
whether
you qualify for any reduction or waiver of sales charges (for example, if
you are making a large investment that qualifies for a Quantity Discount, you might consider
purchasing Class A shares); and |
| • |
whether
a share class is available for purchase. |
| - |
upfront
sales commissions; |
| - |
Rule
12b-1 fees; |
| - |
additional
distribution support; |
| - |
defrayal
of costs for educational seminars and training; and |
| - |
payments
related to providing shareholder recordkeeping and/or transfer agency
services. |
| • |
Send
a signed letter of instruction or stock power, along with certificates,
to: |
| • |
For
certified or overnight deliveries, send to: |
| • |
For
your protection, a bank, a member firm of a national stock exchange, or
other eligible guarantor institution, must guarantee signatures. Stock
power forms are available from your financial intermediary, ABIS, and many
commercial banks. Additional documentation is required for the sale of
shares by corporations, intermediaries, fiduciaries, and surviving joint
owners. If you have any questions about these procedures, contact
ABIS. |
| • |
You
may redeem your shares for which no stock certificates have been issued by
telephone request. Call ABIS at (800) 221-5672 with instructions on
how you wish to receive your sale proceeds. |
| • |
ABIS
must receive and confirm a telephone redemption request by the Portfolio
Closing Time for you to receive that day’s NAV, less any applicable
CDSC. |
| • |
For
your protection, ABIS will request personal or other information from you
to verify your identity and will generally record the calls. Neither a
Portfolio nor the Adviser, ABIS, ABI or other Portfolio agent will be
liable for any loss, injury, damage or expense as a result of acting upon
telephone instructions purporting to be on your behalf that ABIS
reasonably believes to be genuine. |
| • |
If
you have selected electronic funds transfer in your Mutual Fund
Application, the redemption proceeds will be sent directly to your bank.
Otherwise, the proceeds will be mailed to you. |
| • |
Redemption
requests by electronic funds transfer or check may not exceed $100,000 per
Portfolio account per day. |
| • |
Telephone
redemption is not available for shares held in nominee or “street name”
accounts, retirement plan accounts, or shares held by a shareholder who
has changed his or her address of record within the previous 30 calendar
days. |
| • |
Transaction Surveillance Procedures. The
Portfolios, through their agents, ABI and ABIS, maintain surveillance
procedures to detect excessive or short-term trading in Portfolio shares.
This surveillance process involves several factors, which include
scrutinizing transactions in Portfolio shares that exceed certain monetary
thresholds or numerical limits within a specified period of time.
Generally, more than two exchanges of Portfolio shares during any 60-day
period or purchases of shares followed by a sale within 60 days will be
identified by these surveillance procedures. For purposes of these
transaction surveillance procedures, the Portfolios may consider trading
activity in multiple accounts under common ownership, control or
influence. Trading activity identified by either, or a combination, of
these factors, or as a result of any other information available at the
time, will be evaluated to determine whether such activity might
constitute excessive or short-term trading. With respect to managed or
discretionary accounts for which the account owner gives his/her broker,
investment adviser or other third party authority to buy and sell
Portfolio shares, the Portfolios may consider trades initiated by the
account owner, such as trades initiated in connection with bona fide cash
management purposes, separately in their analysis. These surveillance
procedures may be modified from time to time, as necessary or appropriate
to improve the detection of excessive or short-term trading or to address
specific circumstances. |
| • |
Account Blocking Procedures. If the
Portfolios determine, in their sole discretion, that a particular
transaction or pattern of transactions identified by the transaction
surveillance procedures described above is excessive or short-term trading
in nature, the Portfolios will take remedial action that may include
issuing a warning, revoking certain account-related privileges (such as
the ability to place purchase, sale and exchange orders over the internet
or by |
|
phone)
or prohibiting or “blocking” future purchase or exchange activity.
However, sales of Portfolio shares back to a Portfolio or redemptions will
continue to be permitted in accordance with the terms of the Portfolio’s
current Prospectus. As a result, unless the shareholder redeems his or her
shares, which may have consequences if the shares have declined in value,
a CDSC is applicable or adverse tax consequences may result, the
shareholder may be “locked” into an unsuitable investment. A blocked
account will generally remain blocked for 90 days. Subsequent detections
of excessive or short-term trading may result in an indefinite account
block or an account block until the account holder or the associated
broker, dealer or other financial intermediary provides evidence or
assurance acceptable to the Portfolio that the account holder did not or
will not in the future engage in excessive or short-term
trading. |
| • |
Applications of Surveillance Procedures and
Restrictions to Omnibus Accounts. Omnibus account arrangements are
common forms of holding shares of the Portfolios, particularly among
certain brokers, dealers and other financial intermediaries, including
sponsors of retirement plans. The Portfolios apply their surveillance
procedures to these omnibus account arrangements. As required by SEC
rules, the Portfolios have entered into agreements with all of their
financial intermediaries that require the financial intermediaries to
provide the Portfolios, upon the request of the Portfolios or their
agents, with individual account level information about their
transactions. If the Portfolios detect excessive trading through their
monitoring of omnibus accounts, including trading at the individual
account level, the financial intermediaries will also execute instructions
from the Portfolios to take actions to curtail the activity, which may
include applying blocks to accounts to prohibit future purchases and
exchanges of Portfolio shares. For certain retirement plan accounts, the
Portfolios may request that the retirement plan or other intermediary
revoke the relevant participant’s privilege to effect transactions in
Portfolio shares via the internet or telephone, in which case the relevant
participant must submit future transaction orders via the U.S. Postal
Service (i.e., regular
mail). |
| Portfolio |
Fee as a Percentage of
Average
Daily Net
Assets* | ||||
|
AB
National Portfolio |
.45 | % | |||
|
AB
High Income Municipal Portfolio |
.49 | % | |||
|
AB
California Portfolio |
.45 | % | |||
|
AB
Arizona Portfolio |
.45 | % | |||
|
AB
Massachusetts Portfolio |
.45 | % | |||
|
AB
Minnesota Portfolio |
.45 | % | |||
|
AB
New Jersey Portfolio |
.45 | % | |||
|
AB
New York Portfolio |
.45 | % | |||
|
AB
Ohio Portfolio |
.45 | % | |||
|
AB
Pennsylvania Portfolio |
.45 | % | |||
|
AB
Virginia Portfolio |
.45 | % | |||
| * |
Fees
are stated net of any advisory fee waivers. See “Fees and Expenses of the
Portfolio” in the Summary Information at the beginning of this Prospectus
for more information about fee waivers. |
| Employee; Year; Title |
Principal Occupation During
the Past Five (5) Years | |
| Daryl Clements; since 2022; Senior Vice President | Senior Vice President of the Adviser, with which he has been associated since prior to 2019. | |
| Matthew J. Norton; since 2016; Senior Vice President | Senior Vice President of the Adviser, with which he has been associated in a substantially similar capacity since prior to 2019. He is also Chief Investment Officer of Municipal Bonds. | |
| Andrew D. Potter; since 2018; Vice President | Vice President of the Adviser, with which he has been associated in a substantially similar capacity since prior to 2019. | |
| CLASS A | ||||||||||||||||||||
| Year Ended May 31, | ||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||||
|
Net
asset value, beginning of period |
$ | 9.53 | $ | 9.88 | $ | 10.77 | $ | 10.20 | $ | 10.38 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income From Investment Operations | ||||||||||||||||||||
|
Net
investment income(a)(b) |
.32 | .27 | .22 | .23 | .27 | |||||||||||||||
|
Net
realized and unrealized gain (loss) on investment
transactions |
(.01 | ) | (.34 | ) | (.91 | ) | .58 | (.19 | ) | |||||||||||
|
Contributions
from Affiliates |
.00 | (e) | – 0 – | – 0 – | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
increase (decrease) in net asset value from operations |
.31 | (.07 | ) | (.69 | ) | .81 | .08 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Less: Dividends | ||||||||||||||||||||
|
Dividends
from net investment income |
(.30 | ) | (.28 | ) | (.20 | ) | (.24 | ) | (.26 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
asset value, end of period |
$ | 9.54 | $ | 9.53 | $ | 9.88 | $ | 10.77 | $ | 10.20 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Return | ||||||||||||||||||||
|
Total
investment return based on net asset value(c) |
3.27 | % | (.70 | )% | (6.45 | )% | 8.00 | % | .80 | % | ||||||||||
| Ratios/Supplemental Data | ||||||||||||||||||||
|
Net
assets, end of period (000’s omitted) |
$ | 406,540 | $ | 423,812 | $ | 508,814 | $ | 590,789 | $ | 549,816 | ||||||||||
|
Ratio
to average net assets of: |
||||||||||||||||||||
|
Expenses,
net of waivers/reimbursements(d) |
.75 | % | .75 | % | .75 | % | .75 | % | .75 | % | ||||||||||
|
Expenses,
before waivers/reimbursements(d) |
.78 | % | .80 | % | .77 | % | .78 | % | .78 | % | ||||||||||
|
Net
investment income(a) |
3.32 | % | 2.85 | % | 2.05 | % | 2.21 | % | 2.57 | % | ||||||||||
|
Portfolio
turnover rate |
30 | % | 32 | % | 12 | % | 24 | % | 28 | % | ||||||||||
| CLASS C | ||||||||||||||||||||
| Year Ended May 31, | ||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||||
|
Net
asset value, beginning of period |
$ | 9.52 | $ | 9.87 | $ | 10.76 | $ | 10.19 | $ | 10.37 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income From Investment Operations | ||||||||||||||||||||
|
Net
investment income(a)(b) |
.24 | .20 | .14 | .16 | .19 | |||||||||||||||
|
Net
realized and unrealized gain (loss) on investment transactions |
– 0 – | (.34 | ) | (.90 | ) | .57 | (.18 | ) | ||||||||||||
|
Contributions
from Affiliates |
.00 | (e) | – 0 – | – 0 – | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
increase (decrease) in net asset value from operations |
.24 | (.14 | ) | (.76 | ) | .73 | .01 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Less: Dividends | ||||||||||||||||||||
|
Dividends
from net investment income |
(.23 | ) | (.21 | ) | (.13 | ) | (.16 | ) | (.19 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
asset value, end of period |
$ | 9.53 | $ | 9.52 | $ | 9.87 | $ | 10.76 | $ | 10.19 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Return | ||||||||||||||||||||
|
Total
investment return based on net asset value(c) |
2.50 | % | (1.44 | )% | (7.16 | )% | 7.20 | % | .05 | % | ||||||||||
| Ratios/Supplemental Data | ||||||||||||||||||||
|
Net
assets, end of period (000’s omitted) |
$ | 17,782 | $ | 24,613 | $ | 32,583 | $ | 52,879 | $ | 64,573 | ||||||||||
|
Ratio
to average net assets of: |
||||||||||||||||||||
|
Expenses,
net of waivers/reimbursements(d) |
1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | ||||||||||
|
Expenses,
before waivers/reimbursements(d) |
1.54 | % | 1.55 | % | 1.52 | % | 1.53 | % | 1.54 | % | ||||||||||
|
Net
investment income(a) |
2.56 | % | 2.10 | % | 1.30 | % | 1.48 | % | 1.82 | % | ||||||||||
|
Portfolio
turnover rate |
30 | % | 32 | % | 12 | % | 24 | % | 28 | % | ||||||||||
| ADVISOR CLASS | ||||||||||||||||||||
| Year Ended May 31, | ||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||||
|
Net
asset value, beginning of period |
$ | 9.53 | $ | 9.88 | $ | 10.77 | $ | 10.20 | $ | 10.38 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income From Investment Operations | ||||||||||||||||||||
|
Net
investment income(a)(b) |
.34 | .30 | .24 | .26 | .29 | |||||||||||||||
|
Net
realized and unrealized gain (loss) on investment transactions |
(.01 | ) | (.35 | ) | (.90 | ) | .58 | (.18 | ) | |||||||||||
|
Contributions
from Affiliates |
.00 | (e) | – 0 – | – 0 – | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
increase (decrease) in net asset value from operations |
.33 | (.05 | ) | (.66 | ) | .84 | .11 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Less: Dividends | ||||||||||||||||||||
|
Dividends
from net investment income |
(.32 | ) | (.30 | ) | (.23 | ) | (.27 | ) | (.29 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
asset value, end of period |
$ | 9.54 | $ | 9.53 | $ | 9.88 | $ | 10.77 | $ | 10.20 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Return | ||||||||||||||||||||
|
Total
investment return based on net asset value(c) |
3.53 | % | (.45 | )% | (6.22 | )% | 8.27 | % | 1.05 | % | ||||||||||
| Ratios/Supplemental Data | ||||||||||||||||||||
|
Net
assets, end of period (000’s omitted) |
$ | 1,424,385 | $ | 1,232,211 | $ | 1,270,573 | $ | 1,209,849 | $ | 1,001,776 | ||||||||||
|
Ratio
to average net assets of: |
||||||||||||||||||||
|
Expenses,
net of waivers/reimbursements(d) |
.50 | % | .50 | % | .50 | % | .50 | % | .50 | % | ||||||||||
|
Expenses,
before waivers/reimbursements(d) |
.53 | % | .55 | % | .52 | % | .53 | % | .53 | % | ||||||||||
|
Net
investment income(a) |
3.58 | % | 3.10 | % | 2.31 | % | 2.45 | % | 2.81 | % | ||||||||||
|
Portfolio
turnover rate |
30 | % | 32 | % | 12 | % | 24 | % | 28 | % | ||||||||||
| CLASS A | ||||||||||||||||||||
| Year Ended May 31, | ||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||||
|
Net
asset value, beginning of period |
$ | 10.14 | $ | 10.96 | $ | 12.25 | $ | 10.90 | $ | 11.65 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income From Investment Operations | ||||||||||||||||||||
|
Net
investment income(a)(b) |
.41 | .40 | .37 | .39 | .42 | |||||||||||||||
|
Net
realized and unrealized gain (loss) on investment transactions |
(.05 | ) | (.81 | ) | (1.29 | ) | 1.36 | (.74 | ) | |||||||||||
|
Contributions
from Affiliates |
– 0 – | .00 | (e) | .00 | (e) | – 0 – | – 0 – | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
increase (decrease) in net asset value from operations |
.36 | (.41 | ) | (.92 | ) | 1.75 | (.32 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Less: Dividends | ||||||||||||||||||||
|
Dividends
from net investment income |
(.40 | ) | (.41 | ) | (.37 | ) | (.40 | ) | (.43 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
asset value, end of period |
$ | 10.10 | $ | 10.14 | $ | 10.96 | $ | 12.25 | $ | 10.90 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Return | ||||||||||||||||||||
|
Total
investment return based on net asset value(c) |
3.62 | % | (3.66 | )% | (7.68 | )% | 16.40 | % | (2.97 | )% | ||||||||||
| Ratios/Supplemental Data | ||||||||||||||||||||
|
Net
assets, end of period (000’s omitted) |
$ | 559,773 | $ | 619,769 | $ | 769,846 | $ | 899,274 | $ | 680,380 | ||||||||||
|
Ratio
to average net assets of: |
||||||||||||||||||||
|
Expenses,
net of waivers/reimbursements(d) |
1.20 | % | 1.15 | % | .85 | % | .85 | % | .85 | % | ||||||||||
|
Expenses,
before waivers/reimbursements(d) |
1.21 | % | 1.16 | % | .85 | % | .85 | % | .85 | % | ||||||||||
|
Net
investment income(a) |
4.08 | % | 3.87 | % | 3.06 | % | 3.27 | % | 3.59 | % | ||||||||||
|
Portfolio
turnover rate |
23 | % | 26 | % | 16 | % | 16 | % | 22 | % | ||||||||||
| CLASS C | ||||||||||||||||||||
| Year Ended May 31, | ||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||||
|
Net
asset value, beginning of period |
$ | 10.13 | $ | 10.95 | $ | 12.25 | $ | 10.89 | $ | 11.65 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income From Investment Operations | ||||||||||||||||||||
|
Net
investment income(a)(b) |
.33 | .32 | .28 | .30 | .33 | |||||||||||||||
|
Net
realized and unrealized gain (loss) on investment transactions |
(.05 | ) | (.80 | ) | (1.30 | ) | 1.38 | (.74 | ) | |||||||||||
|
Contributions
from Affiliates |
– 0 – | .00 | (e) | .00 | (e) | – 0 – | – 0 – | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
increase (decrease) in net asset value from operations |
.28 | (.48 | ) | (1.02 | ) | 1.68 | (.41 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Less: Dividends | ||||||||||||||||||||
|
Dividends
from net investment income |
(.32 | ) | (.34 | ) | (.28 | ) | (.32 | ) | (.35 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
asset value, end of period |
$ | 10.09 | $ | 10.13 | $ | 10.95 | $ | 12.25 | $ | 10.89 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Return | ||||||||||||||||||||
|
Total
investment return based on net asset value(c) |
2.84 | % | (4.38 | )% | (8.46 | )% | 15.53 | % | (3.69 | )% | ||||||||||
| Ratios/Supplemental Data | ||||||||||||||||||||
|
Net
assets, end of period (000’s omitted) |
$ | 48,159 | $ | 72,948 | $ | 113,046 | $ | 177,019 | $ | 217,533 | ||||||||||
|
Ratio
to average net assets of: |
||||||||||||||||||||
|
Expenses,
net of waivers/reimbursements(d) |
1.95 | % | 1.90 | % | 1.60 | % | 1.60 | % | 1.60 | % | ||||||||||
|
Expenses,
before waivers/reimbursements(d) |
1.96 | % | 1.90 | % | 1.60 | % | 1.61 | % | 1.60 | % | ||||||||||
|
Net
investment income(a) |
3.32 | % | 3.12 | % | 2.30 | % | 2.54 | % | 2.85 | % | ||||||||||
|
Portfolio
turnover rate |
23 | % | 26 | % | 16 | % | 16 | % | 22 | % | ||||||||||
| ADVISOR CLASS | ||||||||||||||||||||
| Year Ended May 31, | ||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||||
|
Net
asset value, beginning of period |
$ | 10.13 | $ | 10.95 | $ | 12.25 | $ | 10.89 | $ | 11.65 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income From Investment Operations | ||||||||||||||||||||
|
Net
investment income(a)(b) |
.43 | .42 | .40 | .42 | .45 | |||||||||||||||
|
Net
realized and unrealized gain (loss) on investment transactions |
(.05 | ) | (.80 | ) | (1.30 | ) | 1.37 | (.75 | ) | |||||||||||
|
Contributions
from Affiliates |
– 0 – | .00 | (e) | .00 | (e) | – 0 – | – 0 – | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
increase (decrease) in net asset value from operations |
.38 | (.38 | ) | (.90 | ) | 1.79 | (.30 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Less: Dividends | ||||||||||||||||||||
|
Dividends
from net investment income |
(.42 | ) | (.44 | ) | (.40 | ) | (.43 | ) | (.46 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
asset value, end of period |
$ | 10.09 | $ | 10.13 | $ | 10.95 | $ | 12.25 | $ | 10.89 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Return | ||||||||||||||||||||
|
Total
investment return based on net asset value(c) |
3.88 | % | (3.42 | )% | (7.53 | )% | 16.70 | % | (2.72 | )% | ||||||||||
| Ratios/Supplemental Data | ||||||||||||||||||||
|
Net
assets, end of period (000’s omitted) |
$ | 1,903,555 | $ | 2,269,449 | $ | 2,609,004 | $ | 2,618,340 | $ | 1,872,364 | ||||||||||
|
Ratio
to average net assets of: |
||||||||||||||||||||
|
Expenses,
net of waivers/reimbursements(d) |
.95 | % | .90 | % | .60 | % | .60 | % | .60 | % | ||||||||||
|
Expenses,
before waivers/reimbursements(d) |
.96 | % | .90 | % | .60 | % | .60 | % | .60 | % | ||||||||||
|
Net
investment income(a) |
4.33 | % | 4.12 | % | 3.32 | % | 3.52 | % | 3.84 | % | ||||||||||
|
Portfolio
turnover rate |
23 | % | 26 | % | 16 | % | 16 | % | 22 | % | ||||||||||
| CLASS Z | ||||||||||||||||||||
| Year Ended May 31, | ||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||||
|
Net
asset value, beginning of period |
$ | 10.14 | $ | 10.96 | $ | 12.26 | $ | 10.90 | $ | 11.65 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income From Investment Operations | ||||||||||||||||||||
|
Net
investment income(a)(b) |
.44 | .42 | .40 | .42 | .43 | |||||||||||||||
|
Net
realized and unrealized gain (loss) on investment
transactions |
(.07 | ) | (.80 | ) | (1.30 | ) | 1.37 | (.71 | ) | |||||||||||
|
Contributions
from Affiliates |
– 0 – | .00 | (e) | .00 | (e) | – 0 – | – 0 – | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
increase (decrease) in net asset value from operations |
.37 | (.38 | ) | (.90 | ) | 1.79 | (.28 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Less: Dividends | ||||||||||||||||||||
|
Dividends
from net investment income |
(.42 | ) | (.44 | ) | (.40 | ) | (.43 | ) | (.47 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
asset value, end of period |
$ | 10.09 | $ | 10.14 | $ | 10.96 | $ | 12.26 | $ | 10.90 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Return | ||||||||||||||||||||
|
Total
investment return based on net asset value(c) |
3.78 | % | (3.41 | )% | (7.52 | )% | 16.69 | % | (2.60 | )% | ||||||||||
| Ratios/Supplemental Data | ||||||||||||||||||||
|
Net
assets, end of period (000’s omitted) |
$ | 278,653 | $ | 50,391 | $ | 1,231 | $ | 1,845 | $ | 2,085 | ||||||||||
|
Ratio
to average net assets of: |
||||||||||||||||||||
|
Expenses,
net of waivers/reimbursements(d) |
.95 | % | .90 | % | .59 | % | .59 | % | .60 | % | ||||||||||
|
Expenses,
before waivers/reimbursements(d) |
.95 | % | .91 | % | .59 | % | .59 | % | .61 | % | ||||||||||
|
Net
investment income(a) |
4.38 | % | 4.20 | % | 3.32 | % | 3.55 | % | 4.11 | % | ||||||||||
|
Portfolio
turnover rate |
23 | % | 26 | % | 16 | % | 16 | % | 22 | % | ||||||||||
| CLASS A | ||||||||||||||||||||
| Year Ended May 31, | ||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||||
|
Net
asset value, beginning of period |
$ | 10.31 | $ | 10.60 | $ | 11.57 | $ | 10.96 | $ | 11.21 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income From Investment Operations | ||||||||||||||||||||
|
Net
investment income(a)(b) |
.32 | .30 | .24 | .29 | .33 | |||||||||||||||
|
Net
realized and unrealized gain (loss) on investment transactions |
.07 | (.27 | ) | (.99 | ) | .61 | (.25 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
increase (decrease) in net asset value from operations |
.39 | .03 | (.75 | ) | .90 | .08 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Less: Dividends | ||||||||||||||||||||
|
Dividends
from net investment income |
(.32 | ) | (.32 | ) | (.22 | ) | (.29 | ) | (.33 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
asset value, end of period |
$ | 10.38 | $ | 10.31 | $ | 10.60 | $ | 11.57 | $ | 10.96 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Return | ||||||||||||||||||||
|
Total
investment return based on net asset value(c) |
3.82 | % | .31 | % | (6.57 | )% | 8.30 | % | .68 | % | ||||||||||
| Ratios/Supplemental Data | ||||||||||||||||||||
|
Net
assets, end of period (000’s omitted) |
$ | 482,717 | $ | 459,793 | $ | 481,440 | $ | 547,704 | $ | 494,992 | ||||||||||
|
Ratio
to average net assets of: |
||||||||||||||||||||
|
Expenses,
net of waivers/reimbursements(d) |
.75 | % | .75 | % | .75 | % | .75 | % | .75 | % | ||||||||||
|
Expenses,
before waivers/reimbursements(d) |
.77 | % | .78 | % | .76 | % | .77 | % | .78 | % | ||||||||||
|
Net
investment income(a) |
3.14 | % | 2.94 | % | 2.09 | % | 2.54 | % | 2.96 | % | ||||||||||
|
Portfolio
turnover rate |
23 | % | 30 | % | 17 | % | 23 | % | 16 | % | ||||||||||
| CLASS C | ||||||||||||||||||||
| Year Ended May 31, | ||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||||
|
Net
asset value, beginning of period |
$ | 10.30 | $ | 10.60 | $ | 11.56 | $ | 10.96 | $ | 11.21 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income From Investment Operations | ||||||||||||||||||||
|
Net
investment income(a)(b) |
.25 | .23 | .15 | .20 | .25 | |||||||||||||||
|
Net
realized and unrealized gain (loss) on investment transactions |
.06 | (.29 | ) | (.97 | ) | .61 | (.26 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
increase (decrease) in net asset value from operations |
.31 | (.06 | ) | (.82 | ) | .81 | (.01 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Less: Dividends | ||||||||||||||||||||
|
Dividends
from net investment income |
(.24 | ) | (.24 | ) | (.14 | ) | (.21 | ) | (.24 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
asset value, end of period |
$ | 10.37 | $ | 10.30 | $ | 10.60 | $ | 11.56 | $ | 10.96 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Return | ||||||||||||||||||||
|
Total
investment return based on net asset value(c) |
3.05 | % | (.54 | )% | (7.19 | )% | 7.40 | % | (.08 | )% | ||||||||||
| Ratios/Supplemental Data | ||||||||||||||||||||
|
Net
assets, end of period (000’s omitted) |
$ | 20,782 | $ | 26,359 | $ | 28,401 | $ | 41,511 | $ | 42,622 | ||||||||||
|
Ratio
to average net assets of: |
||||||||||||||||||||
|
Expenses,
net of waivers/reimbursements(d) |
1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | ||||||||||
|
Expenses,
before waivers/reimbursements(d) |
1.52 | % | 1.54 | % | 1.51 | % | 1.52 | % | 1.53 | % | ||||||||||
|
Net
investment income(a) |
2.38 | % | 2.19 | % | 1.33 | % | 1.80 | % | 2.21 | % | ||||||||||
|
Portfolio
turnover rate |
23 | % | 30 | % | 17 | % | 23 | % | 16 | % | ||||||||||
| ADVISOR CLASS | ||||||||||||||||||||
| Year Ended May 31, | ||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||||
|
Net
asset value, beginning of period |
$ | 10.31 | $ | 10.60 | $ | 11.57 | $ | 10.96 | $ | 11.21 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income From Investment Operations | ||||||||||||||||||||
|
Net
investment income(a)(b) |
.35 | .33 | .26 | .32 | .36 | |||||||||||||||
|
Net
realized and unrealized gain (loss) on investment transactions |
.07 | (.28 | ) | (.98 | ) | .61 | (.26 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
increase (decrease) in net asset value from operations |
.42 | .05 | (.72 | ) | .93 | .10 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Less: Dividends | ||||||||||||||||||||
|
Dividends
from net investment income |
(.35 | ) | (.34 | ) | (.25 | ) | (.32 | ) | (.35 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
asset value, end of period |
$ | 10.38 | $ | 10.31 | $ | 10.60 | $ | 11.57 | $ | 10.96 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Return | ||||||||||||||||||||
|
Total
investment return based on net asset value(c) |
4.09 | % | .56 | % | (6.34 | )% | 8.57 | % | .93 | % | ||||||||||
| Ratios/Supplemental Data | ||||||||||||||||||||
|
Net
assets, end of period (000’s omitted) |
$ | 655,014 | $ | 507,720 | $ | 464,558 | $ | 451,056 | $ | 381,036 | ||||||||||
|
Ratio
to average net assets of: |
||||||||||||||||||||
|
Expenses,
net of waivers/reimbursements(d) |
.50 | % | .50 | % | .50 | % | .50 | % | .50 | % | ||||||||||
|
Expenses,
before waivers/reimbursements(d) |
.52 | % | .53 | % | .51 | % | .52 | % | .53 | % | ||||||||||
|
Net
investment income(a) |
3.39 | % | 3.19 | % | 2.34 | % | 2.78 | % | 3.20 | % | ||||||||||
|
Portfolio
turnover rate |
23 | % | 30 | % | 17 | % | 23 | % | 16 | % | ||||||||||
| CLASS A | ||||||||||||||||||||
| Year Ended May 31, | ||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||||
|
Net
asset value, beginning of period |
$ | 9.15 | $ | 9.49 | $ | 10.34 | $ | 9.70 | $ | 10.05 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income From Investment Operations | ||||||||||||||||||||
|
Net
investment income(a)(b) |
.28 | .25 | .22 | .23 | .26 | |||||||||||||||
|
Net
realized and unrealized gain (loss) on investment transactions |
(.01 | ) | (.34 | ) | (.86 | ) | .65 | (.35 | ) | |||||||||||
|
Contributions
from Affiliates |
– 0 – | .00 | (e) | – 0 – | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
increase (decrease) in net asset value from operations |
.27 | (.09 | ) | (.64 | ) | .88 | (.09 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Less: Dividends | ||||||||||||||||||||
|
Dividends
from net investment income |
(.26 | ) | (.25 | ) | (.21 | ) | (.24 | ) | (.26 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
asset value, end of period |
$ | 9.16 | $ | 9.15 | $ | 9.49 | $ | 10.34 | $ | 9.70 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Return | ||||||||||||||||||||
|
Total
investment return based on net asset value(c) |
3.02 | % | (.86 | )% | (6.29 | )% | 9.13 | % | (.92 | )% | ||||||||||
| Ratios/Supplemental Data | ||||||||||||||||||||
|
Net
assets, end of period (000’s omitted) |
$ | 305,467 | $ | 341,690 | $ | 380,361 | $ | 421,752 | $ | 414,853 | ||||||||||
|
Ratio
to average net assets of: |
||||||||||||||||||||
|
Expenses,
net of waivers/reimbursements(d) |
.75 | % | .76 | % | .75 | % | .75 | % | .75 | % | ||||||||||
|
Expenses,
before waivers/reimbursements(d) |
.82 | % | .83 | % | .79 | % | .80 | % | .80 | % | ||||||||||
|
Net
investment income(a) |
3.03 | % | 2.73 | % | 2.17 | % | 2.31 | % | 2.64 | % | ||||||||||
|
Portfolio
turnover rate |
35 | % | 14 | % | 16 | % | 22 | % | 23 | % | ||||||||||
| CLASS C | ||||||||||||||||||||
| Year Ended May 31, | ||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||||
|
Net
asset value, beginning of period |
$ | 9.15 | $ | 9.49 | $ | 10.33 | $ | 9.69 | $ | 10.04 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income From Investment Operations | ||||||||||||||||||||
|
Net
investment income(a)(b) |
.21 | .18 | .14 | .16 | .19 | |||||||||||||||
|
Net
realized and unrealized gain (loss) on investment transactions |
(.02 | ) | (.33 | ) | (.85 | ) | .64 | (.35 | ) | |||||||||||
|
Contributions
from Affiliates |
– 0 – | .00 | (e) | – 0 – | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
increase (decrease) in net asset value from operations |
.19 | (.15 | ) | (.71 | ) | .80 | (.16 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Less: Dividends | ||||||||||||||||||||
|
Dividends
from net investment income |
(.19 | ) | (.19 | ) | (.13 | ) | (.16 | ) | (.19 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
asset value, end of period |
$ | 9.15 | $ | 9.15 | $ | 9.49 | $ | 10.33 | $ | 9.69 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Return | ||||||||||||||||||||
|
Total
investment return based on net asset value(c) |
2.13 | % | (1.60 | )% | (6.91 | )% | 8.33 | % | (1.66 | )% | ||||||||||
| Ratios/Supplemental Data | ||||||||||||||||||||
|
Net
assets, end of period (000’s omitted) |
$ | 11,270 | $ | 18,205 | $ | 24,089 | $ | 39,563 | $ | 44,221 | ||||||||||
|
Ratio
to average net assets of: |
||||||||||||||||||||
|
Expenses,
net of waivers/reimbursements(d) |
1.50 | % | 1.51 | % | 1.50 | % | 1.50 | % | 1.50 | % | ||||||||||
|
Expenses,
before waivers/reimbursements(d) |
1.57 | % | 1.58 | % | 1.54 | % | 1.55 | % | 1.55 | % | ||||||||||
|
Net
investment income(a) |
2.26 | % | 1.98 | % | 1.41 | % | 1.56 | % | 1.89 | % | ||||||||||
|
Portfolio
turnover rate |
35 | % | 14 | % | 16 | % | 22 | % | 23 | % | ||||||||||
| ADVISOR CLASS | ||||||||||||||||||||
| Year Ended May 31, | ||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||||
|
Net
asset value, beginning of period |
$ | 9.15 | $ | 9.49 | $ | 10.34 | $ | 9.70 | $ | 10.05 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income From Investment Operations | ||||||||||||||||||||
|
Net
investment income(a)(b) |
.30 | .27 | .25 | .26 | .29 | |||||||||||||||
|
Net
realized and unrealized gain (loss) on investment
transactions |
– 0 – | (.33 | ) | (.87 | ) | .64 | (.35 | ) | ||||||||||||
|
Contributions
from Affiliates |
– 0 – | .00 | (e) | – 0 – | – 0 – | – 0 – | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
increase (decrease) in net asset value from operations |
.30 | (.06 | ) | (.62 | ) | .90 | (.06 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Less: Dividends | ||||||||||||||||||||
|
Dividends
from net investment income |
(.29 | ) | (.28 | ) | (.23 | ) | (.26 | ) | (.29 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
asset value, end of period |
$ | 9.16 | $ | 9.15 | $ | 9.49 | $ | 10.34 | $ | 9.70 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Return | ||||||||||||||||||||
|
Total
investment return based on net asset value(c) |
3.28 | % | (.61 | )% | (6.06 | )% | 9.40 | % | (.67 | )% | ||||||||||
| Ratios/Supplemental Data | ||||||||||||||||||||
|
Net
assets, end of period (000’s omitted) |
$ | 174,591 | $ | 178,093 | $ | 192,990 | $ | 187,212 | $ | 145,160 | ||||||||||
|
Ratio
to average net assets of: |
||||||||||||||||||||
|
Expenses,
net of waivers/reimbursements(d) |
.50 | % | .51 | % | .50 | % | .50 | % | .50 | % | ||||||||||
|
Expenses,
before waivers/reimbursements(d) |
.57 | % | .58 | % | .54 | % | .55 | % | .55 | % | ||||||||||
|
Net
investment income(a) |
3.28 | % | 2.98 | % | 2.42 | % | 2.55 | % | 2.89 | % | ||||||||||
|
Portfolio
turnover rate |
35 | % | 14 | % | 16 | % | 22 | % | 23 | % | ||||||||||
| (a) |
Net
of expenses waived/reimbursed by the Adviser. |
| (b) |
Based
on average shares outstanding. |
| (c) |
Total
investment return is calculated assuming an initial investment made at the
net asset value at the beginning of the period, reinvestment of all
dividends and distributions at net asset value during the period, and
redemption on the last day of the period. Initial sales charges or
contingent deferred sales charges are not reflected in the calculation of
total investment return. Total return does not reflect the deduction of
taxes that a shareholder would pay on fund distributions or the redemption
of fund shares. Total investment return calculated for a period of less
than one year is not annualized. |
| (d) |
The
expense ratios presented below exclude interest/bank overdraft
expense: |
| Year Ended May 31, | ||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||||
|
AB
California Portfolio |
||||||||||||||||||||
|
Class A |
||||||||||||||||||||
|
Net
of waivers/reimbursements |
.75% | .75% | .75% | .75% | .75% | |||||||||||||||
|
Before
waivers/reimbursements |
.77% | .78% | .76% | .77% | .78% | |||||||||||||||
|
Class C |
||||||||||||||||||||
|
Net
of waivers/reimbursements |
1.50% | 1.50% | 1.50% | 1.50% | 1.50% | |||||||||||||||
|
Before
waivers/reimbursements |
1.52% | 1.54% | 1.51% | 1.52% | 1.53% | |||||||||||||||
|
Advisor
Class |
||||||||||||||||||||
|
Net
of waivers/reimbursements |
.50% | .50% | .50% | .50% | .50% | |||||||||||||||
|
Before
waivers/reimbursements |
.52% | .53% | .51% | .52% | .53% | |||||||||||||||
| Year Ended May 31, | ||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||||
|
AB
High Income Municipal Portfolio |
||||||||||||||||||||
|
Class A |
||||||||||||||||||||
|
Net
of waivers/reimbursements |
.80% | .80% | .78% | .79% | .80% | |||||||||||||||
|
Before
waivers/reimbursements |
.81% | .81% | .78% | .80% | .80% | |||||||||||||||
|
Class C |
||||||||||||||||||||
|
Net
of waivers/reimbursements |
1.55% | 1.55% | 1.53% | 1.55% | 1.55% | |||||||||||||||
|
Before
waivers/reimbursements |
1.56% | 1.56% | 1.53% | 1.55% | 1.55% | |||||||||||||||
|
Advisor
Class |
||||||||||||||||||||
|
Net
of waivers/reimbursements |
.55% | .55% | .53% | .55% | .55% | |||||||||||||||
|
Before
waivers/reimbursements |
.56% | .56% | .53% | .55% | .55% | |||||||||||||||
|
Class Z |
||||||||||||||||||||
|
Net
of waivers/reimbursements |
.55% | .55% | .52% | .53% | .55% | |||||||||||||||
|
Before
waivers/reimbursements |
.55% | .56% | .53% | .54% | .56% | |||||||||||||||
| Year Ended May 31, | ||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||||
|
AB
National Portfolio |
||||||||||||||||||||
|
Class A |
||||||||||||||||||||
|
Net
of waivers/reimbursements |
.75% | .75% | .75% | .75% | .75% | |||||||||||||||
|
Before
waivers/reimbursements |
.78% | .80% | .77% | .78% | .78% | |||||||||||||||
|
Class C |
||||||||||||||||||||
|
Net
of waivers/reimbursements |
1.50% | 1.50% | 1.50% | 1.50% | 1.50% | |||||||||||||||
|
Before
waivers/reimbursements |
1.54% | 1.55% | 1.52% | 1.53% | 1.54% | |||||||||||||||
|
Advisor
Class |
||||||||||||||||||||
|
Net
of waivers/reimbursements |
.50% | .50% | .50% | .50% | .50% | |||||||||||||||
|
Before
waivers/reimbursements |
.53% | .55% | .52% | .53% | .53% | |||||||||||||||
| Year Ended May 31, | ||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||||
|
AB
New York Portfolio |
||||||||||||||||||||
|
Class A |
||||||||||||||||||||
|
Net
of waivers/reimbursements |
.75% | .75% | .75% | .75% | .75% | |||||||||||||||
|
Before
waivers/reimbursements |
.82% | .82% | .79% | .80% | .80% | |||||||||||||||
|
Class C |
||||||||||||||||||||
|
Net
of waivers/reimbursements |
1.50% | 1.50% | 1.50% | 1.50% | 1.50% | |||||||||||||||
|
Before
waivers/reimbursements |
1.57% | 1.57% | 1.54% | 1.55% | 1.55% | |||||||||||||||
|
Advisor
Class |
||||||||||||||||||||
|
Net
of waivers/reimbursements |
.50% | .50% | .50% | .50% | .50% | |||||||||||||||
|
Before
waivers/reimbursements |
.57% | .57% | .54% | .55% | .55% | |||||||||||||||
| (e) |
Amount
is less than $.005. |
| CLASS A | ||||||||||||||||||||
| Year Ended May 31, | ||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||||
|
Net
asset value, beginning of period |
$ | 10.13 | $ | 10.54 | $ | 11.43 | $ | 11.01 | $ | 11.22 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income From Investment Operations | ||||||||||||||||||||
|
Net
investment income(a)(b) |
.31 | .29 | .26 | .28 | .30 | |||||||||||||||
|
Net
realized and unrealized gain (loss) on investment transactions |
.01 | (f) | (.41 | ) | (.89 | ) | .43 | (.21 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
increase (decrease) in net asset value from operations |
.32 | (.12 | ) | (.63 | ) | .71 | .09 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Less: Dividends | ||||||||||||||||||||
|
Dividends
from net investment income |
(.29 | ) | (.29 | ) | (.26 | ) | (.29 | ) | (.30 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
asset value, end of period |
$ | 10.16 | $ | 10.13 | $ | 10.54 | $ | 11.43 | $ | 11.01 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Return | ||||||||||||||||||||
|
Total
investment return based on net asset value(c) |
3.18 | % | (1.09 | )% | (5.63 | )% | 6.47 | % | .77 | % | ||||||||||
| Ratios/Supplemental Data | ||||||||||||||||||||
|
Net
assets, end of period (000’s omitted) |
$ | 65,260 | $ | 78,643 | $ | 98,963 | $ | 109,779 | $ | 105,315 | ||||||||||
|
Ratio
to average net assets of: |
||||||||||||||||||||
|
Expenses,
net of waivers/reimbursements(d) |
.78 | % | .79 | % | .78 | % | .78 | % | .78 | % | ||||||||||
|
Expenses,
before waivers/reimbursements(d) |
1.08 | % | 1.08 | % | .99 | % | 1.02 | % | 1.00 | % | ||||||||||
|
Net
investment income(b) |
3.07 | % | 2.83 | % | 2.34 | % | 2.47 | % | 2.69 | % | ||||||||||
|
Portfolio
turnover rate |
5 | % | 16 | % | 7 | % | 6 | % | 13 | % | ||||||||||
| CLASS C | ||||||||||||||||||||
| Year Ended May 31, | ||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||||
|
Net
asset value, beginning of period |
$ | 10.12 | $ | 10.53 | $ | 11.41 | $ | 10.99 | $ | 11.20 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income From Investment Operations | ||||||||||||||||||||
|
Net
investment income(a)(b) |
.23 | .21 | .18 | .20 | .22 | |||||||||||||||
|
Net
realized and unrealized gain (loss) on investment transactions |
0 | (f) | (.40 | ) | (.89 | ) | .42 | (.22 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
increase (decrease) in net asset value from operations |
.23 | (.19 | ) | (.71 | ) | .62 | – 0 – | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Less: Dividends | ||||||||||||||||||||
|
Dividends
from net investment income |
(.21 | ) | (.22 | ) | (.17 | ) | (.20 | ) | (.21 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
asset value, end of period |
$ | 10.14 | $ | 10.12 | $ | 10.53 | $ | 11.41 | $ | 10.99 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Return | ||||||||||||||||||||
|
Total
investment return based on net asset value(c) |
2.31 | % | (1.83 | )% | (6.26 | )% | 5.68 | % | .02 | % | ||||||||||
| Ratios/Supplemental Data | ||||||||||||||||||||
|
Net
assets, end of period (000’s omitted) |
$ | 1,717 | $ | 3,532 | $ | 4,585 | $ | 5,901 | $ | 8,935 | ||||||||||
|
Ratio
to average net assets of: |
||||||||||||||||||||
|
Expenses,
net of waivers/reimbursements(d) |
1.53 | % | 1.54 | % | 1.53 | % | 1.53 | % | 1.53 | % | ||||||||||
|
Expenses,
before waivers/reimbursements(d) |
1.84 | % | 1.83 | % | 1.74 | % | 1.77 | % | 1.75 | % | ||||||||||
|
Net
investment income(b) |
2.30 | % | 2.09 | % | 1.59 | % | 1.73 | % | 1.95 | % | ||||||||||
|
Portfolio
turnover rate |
5 | % | 16 | % | 7 | % | 6 | % | 13 | % | ||||||||||
| ADVISOR CLASS | ||||||||||||||||
| Year Ended May 31, |
March 25
2021(e) to
May 31, |
|||||||||||||||
| 2024 | 2023 | 2022 | 2021 | |||||||||||||
|
Net
asset value, beginning of period |
$ | 10.13 | $ | 10.54 | $ | 11.43 | $ | 11.30 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Income From Investment Operations | ||||||||||||||||
|
Net
investment income(a)(b) |
.34 | .32 | .29 | .06 | ||||||||||||
|
Net
realized and unrealized gain (loss) on investment transactions |
.01 | (f) | (.41 | ) | (.89 | ) | .13 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net
increase (decrease) in net asset value from operations |
.35 | (.09 | ) | (.60 | ) | .19 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Dividends
from net investment income |
(.32 | ) | (.32 | ) | (.29 | ) | (.06 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net
asset value, end of period |
$ | 10.16 | $ | 10.13 | $ | 10.54 | $ | 11.43 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Return | ||||||||||||||||
|
Total
investment return based on net asset value(c) |
3.45 | % | (.84 | )% | (5.39 | )% | 1.66 | % | ||||||||
| Ratios/Supplemental Data | ||||||||||||||||
|
Net
assets, end of period (000’s omitted) |
$ | 13,439 | $ | 10,335 | $ | 8,182 | $ | 3,859 | ||||||||
|
Ratio
to average net assets of: |
||||||||||||||||
|
Expenses,
net of waivers/reimbursements(d) |
.53 | % | .54 | % | .53 | % | .53 | %^ | ||||||||
|
Expenses,
before waivers/reimbursements(d) |
.83 | % | .83 | % | .74 | % | 1.00 | %^ | ||||||||
|
Net
investment income(b) |
3.33 | % | 3.09 | % | 2.60 | % | 2.70 | %^ | ||||||||
|
Portfolio
turnover rate |
5 | % | 16 | % | 7 | % | 6 | % | ||||||||
| CLASS A | ||||||||||||||||||||
| Year Ended May 31, | ||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||||
|
Net
asset value, beginning of period |
$ | 10.30 | $ | 10.66 | $ | 11.66 | $ | 11.15 | $ | 11.28 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income From Investment Operations | ||||||||||||||||||||
|
Net
investment income(a)(b) |
.30 | .27 | .24 | .27 | .31 | |||||||||||||||
|
Net
realized and unrealized gain (loss) on investment transactions |
(.03 | )(f) | (.34 | ) | (1.00 | ) | .52 | (.12 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
increase (decrease) in net asset value from operations |
.27 | (.07 | ) | (.76 | ) | .79 | .19 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Less: Dividends | ||||||||||||||||||||
|
Dividends
from net investment income |
(.30 | ) | (.29 | ) | (.24 | ) | (.28 | ) | (.32 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
asset value, end of period |
$ | 10.27 | $ | 10.30 | $ | 10.66 | $ | 11.66 | $ | 11.15 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Return | ||||||||||||||||||||
|
Total
investment return based on net asset value(c) |
2.69 | % | (.64 | )% | (6.63 | )% | 7.15 | % | 1.67 | % | ||||||||||
| Ratios/Supplemental Data | ||||||||||||||||||||
|
Net
assets, end of period (000’s omitted) |
$ | 77,741 | $ | 85,971 | $ | 104,117 | $ | 121,419 | $ | 114,592 | ||||||||||
|
Ratio
to average net assets of: |
||||||||||||||||||||
|
Expenses,
net of waivers/reimbursements(d) |
.77 | % | .77 | % | .77 | % | .77 | % | .77 | % | ||||||||||
|
Expenses,
before waivers/reimbursements(d) |
.89 | % | .90 | % | .87 | % | .90 | % | .90 | % | ||||||||||
|
Net
investment income(b) |
2.94 | % | 2.65 | % | 2.08 | % | 2.36 | % | 2.76 | % | ||||||||||
|
Portfolio
turnover rate |
15 | % | 14 | % | 11 | % | 4 | % | 13 | % | ||||||||||
| CLASS C | ||||||||||||||||||||
| Year Ended May 31, | ||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||||
|
Net
asset value, beginning of period |
$ | 10.28 | $ | 10.64 | $ | 11.64 | $ | 11.13 | $ | 11.26 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income From Investment Operations | ||||||||||||||||||||
|
Net
investment income(a)(b) |
.22 | .20 | .15 | .19 | .23 | |||||||||||||||
|
Net
realized and unrealized gain (loss) on investment transactions |
(.02 | )(f) | (.35 | ) | (1.00 | ) | .51 | (.13 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
increase (decrease) in net asset value from operations |
.20 | (.15 | ) | (.85 | ) | .70 | .10 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Less: Dividends | ||||||||||||||||||||
|
Dividends
from net investment income |
(.23 | ) | (.21 | ) | (.15 | ) | (.19 | ) | (.23 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
asset value, end of period |
$ | 10.25 | $ | 10.28 | $ | 10.64 | $ | 11.64 | $ | 11.13 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Return | ||||||||||||||||||||
|
Total
investment return based on net asset value(c) |
1.92 | % | (1.39 | )% | (7.35 | )% | 6.36 | % | .91 | % | ||||||||||
| Ratios/Supplemental Data | ||||||||||||||||||||
|
Net
assets, end of period (000’s omitted) |
$ | 3,664 | $ | 6,146 | $ | 8,904 | $ | 16,789 | $ | 22,940 | ||||||||||
|
Ratio
to average net assets of: |
||||||||||||||||||||
|
Expenses,
net of waivers/reimbursements(d) |
1.52 | % | 1.52 | % | 1.52 | % | 1.52 | % | 1.52 | % | ||||||||||
|
Expenses,
before waivers/reimbursements(d) |
1.64 | % | 1.65 | % | 1.62 | % | 1.65 | % | 1.65 | % | ||||||||||
|
Net
investment income(b) |
2.19 | % | 1.90 | % | 1.32 | % | 1.62 | % | 2.02 | % | ||||||||||
|
Portfolio
turnover rate |
15 | % | 14 | % | 11 | % | 4 | % | 13 | % | ||||||||||
| ADVISOR CLASS | ||||||||||||||||||||
| Year Ended May 31, | ||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||||
|
Net
asset value, beginning of period |
$ | 10.30 | $ | 10.66 | $ | 11.66 | $ | 11.15 | $ | 11.27 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income From Investment Operations | ||||||||||||||||||||
|
Net
investment income(a)(b) |
.33 | .30 | .27 | .30 | .34 | |||||||||||||||
|
Net
realized and unrealized gain (loss) on investment transactions |
(.04 | )(f) | (.35 | ) | (1.00 | ) | .52 | (.11 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
increase (decrease) in net asset value from operations |
.29 | (.05 | ) | (.73 | ) | .82 | .23 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Less: Dividends | ||||||||||||||||||||
|
Dividends
from net investment income |
(.33 | ) | (.31 | ) | (.27 | ) | (.31 | ) | (.35 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
asset value, end of period |
$ | 10.26 | $ | 10.30 | $ | 10.66 | $ | 11.66 | $ | 11.15 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Return | ||||||||||||||||||||
|
Total
investment return based on net asset value(c) |
2.85 | % | (.39 | )% | (6.39 | )% | 7.42 | % | 2.01 | % | ||||||||||
| Ratios/Supplemental Data | ||||||||||||||||||||
|
Net
assets, end of period (000’s omitted) |
$ | 151,254 | $ | 111,450 | $ | 109,141 | $ | 78,396 | $ | 61,825 | ||||||||||
|
Ratio
to average net assets of: |
||||||||||||||||||||
|
Expenses,
net of waivers/reimbursements(d) |
.52 | % | .52 | % | .52 | % | .52 | % | .52 | % | ||||||||||
|
Expenses,
before waivers/reimbursements(d) |
.64 | % | .65 | % | .62 | % | .65 | % | .65 | % | ||||||||||
|
Net
investment income(b) |
3.19 | % | 2.91 | % | 2.34 | % | 2.61 | % | 3.00 | % | ||||||||||
|
Portfolio
turnover rate |
15 | % | 14 | % | 11 | % | 4 | % | 13 | % | ||||||||||
| CLASS A | ||||||||||||||||||||
| Year Ended May 31, | ||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||||
|
Net
asset value, beginning of period |
$ | 9.41 | $ | 9.74 | $ | 10.56 | $ | 10.32 | $ | 10.33 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income From Investment Operations | ||||||||||||||||||||
|
Net
investment income(a)(b) |
.25 | .23 | .21 | .22 | .25 | |||||||||||||||
|
Net
realized and unrealized gain (loss) on investment transactions |
(.07 | ) | (.31 | ) | (.82 | ) | .28 | .01 | (f) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
increase (decrease) in net asset value from operations |
.18 | (.08 | ) | (.61 | ) | .50 | .26 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Less: Dividends | ||||||||||||||||||||
|
Dividends
from net investment income |
(.22 | ) | (.25 | ) | (.21 | ) | (.26 | ) | (.27 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
asset value, end of period |
$ | 9.37 | $ | 9.41 | $ | 9.74 | $ | 10.56 | $ | 10.32 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Return | ||||||||||||||||||||
|
Total
investment return based on net asset value(c) |
1.92 | % | (.84 | )% | (5.85 | )% | 4.87 | % | 2.51 | % | ||||||||||
| Ratios/Supplemental Data | ||||||||||||||||||||
|
Net
assets, end of period (000’s omitted) |
$ | 29,388 | $ | 33,801 | $ | 47,331 | $ | 54,933 | $ | 49,723 | ||||||||||
|
Ratio
to average net assets of: |
||||||||||||||||||||
|
Expenses,
net of waivers/reimbursements(d) |
.85 | % | .85 | % | .85 | % | .85 | % | .85 | % | ||||||||||
|
Expenses,
before waivers/reimbursements(d) |
1.57 | % | 1.52 | % | 1.10 | % | 1.22 | % | 1.26 | % | ||||||||||
|
Net
investment income(b) |
2.69 | % | 2.45 | % | 2.01 | % | 2.07 | % | 2.44 | % | ||||||||||
|
Portfolio
turnover rate |
4 | % | 17 | % | 9 | % | 5 | % | 10 | % | ||||||||||
| CLASS C | ||||||||||||||||||||
| Year Ended May 31, | ||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||||
|
Net
asset value, beginning of period |
$ | 9.42 | $ | 9.75 | $ | 10.57 | $ | 10.33 | $ | 10.35 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income From Investment Operations | ||||||||||||||||||||
|
Net
investment income(a)(b) |
.18 | .16 | .13 | .14 | .18 | |||||||||||||||
|
Net
realized and unrealized gain (loss) on investment transactions |
(.07 | ) | (.32 | ) | (.82 | ) | .28 | (.01 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
increase (decrease) in net asset value from operations |
.11 | (.16 | ) | (.69 | ) | .42 | .17 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Less: Dividends | ||||||||||||||||||||
|
Dividends
from net investment income |
(.15 | ) | (.17 | ) | (.13 | ) | (.18 | ) | (.19 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
asset value, end of period |
$ | 9.38 | $ | 9.42 | $ | 9.75 | $ | 10.57 | $ | 10.33 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Return | ||||||||||||||||||||
|
Total
investment return based on net asset value(c) |
1.15 | % | (1.59 | )% | (6.56 | )% | 4.08 | % | 1.64 | % | ||||||||||
| Ratios/Supplemental Data | ||||||||||||||||||||
|
Net
assets, end of period (000’s omitted) |
$ | 1,224 | $ | 1,872 | $ | 3,018 | $ | 4,420 | $ | 4,922 | ||||||||||
|
Ratio
to average net assets of: |
||||||||||||||||||||
|
Expenses,
net of waivers/reimbursements(d) |
1.60 | % | 1.60 | % | 1.60 | % | 1.60 | % | 1.60 | % | ||||||||||
|
Expenses,
before waivers/reimbursements(d) |
2.33 | % | 2.27 | % | 1.86 | % | 1.97 | % | 2.02 | % | ||||||||||
|
Net
investment income(b) |
1.94 | % | 1.70 | % | 1.25 | % | 1.31 | % | 1.69 | % | ||||||||||
|
Portfolio
turnover rate |
4 | % | 17 | % | 9 | % | 5 | % | 10 | % | ||||||||||
| CLASS A | ||||||||||||||||||||
| Year Ended May 31, | ||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||||
|
Net
asset value, beginning of period |
$ | 9.04 | $ | 9.29 | $ | 10.13 | $ | 9.59 | $ | 9.84 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income From Investment Operations | ||||||||||||||||||||
|
Net
investment income(a)(b) |
.31 | .28 | .27 | .28 | .30 | |||||||||||||||
|
Net
realized and unrealized gain (loss) on investment transactions |
(.06 | ) | (.23 | ) | (.84 | ) | .55 | (.25 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
increase (decrease) in net asset value from operations |
.25 | .05 | (.57 | ) | .83 | .05 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Less: Dividends | ||||||||||||||||||||
|
Dividends
from net investment income |
(.30 | ) | (.30 | ) | (.27 | ) | (.29 | ) | (.30 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
asset value, end of period |
$ | 8.99 | $ | 9.04 | $ | 9.29 | $ | 10.13 | $ | 9.59 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Return | ||||||||||||||||||||
|
Total
investment return based on net asset value(c) |
2.81 | % | .55 | % | (5.71 | )% | 8.74 | % | .50 | % | ||||||||||
| Ratios/Supplemental Data | ||||||||||||||||||||
|
Net
assets, end of period (000’s omitted) |
$ | 62,537 | $ | 60,002 | $ | 62,000 | $ | 70,145 | $ | 66,446 | ||||||||||
|
Ratio
to average net assets of: |
||||||||||||||||||||
|
Expenses,
net of waivers/reimbursements(d) |
.82 | % | .82 | % | .82 | % | .82 | % | .84 | % | ||||||||||
|
Expenses,
before waivers/reimbursements(d) |
1.21 | % | 1.27 | % | 1.15 | % | 1.14 | % | 1.12 | % | ||||||||||
|
Net
investment income(b) |
3.43 | % | 3.14 | % | 2.70 | % | 2.78 | % | 3.09 | % | ||||||||||
|
Portfolio
turnover rate |
14 | % | 26 | % | 21 | % | 22 | % | 10 | % | ||||||||||
| CLASS C | ||||||||||||||||||||
| Year Ended May 31, | ||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||||
|
Net
asset value, beginning of period |
$ | 9.04 | $ | 9.30 | $ | 10.13 | $ | 9.60 | $ | 9.85 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income From Investment Operations | ||||||||||||||||||||
|
Net
investment income(a)(b) |
.24 | .21 | .19 | .20 | .23 | |||||||||||||||
|
Net
realized and unrealized gain (loss) on investment transactions |
(.05 | ) | (.24 | ) | (.82 | ) | .54 | (.25 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
increase (decrease) in net asset value from operations |
.19 | (.03 | ) | (.63 | ) | .74 | (.02 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Less: Dividends | ||||||||||||||||||||
|
Dividends
from net investment income |
(.23 | ) | (.23 | ) | (.20 | ) | (.21 | ) | (.23 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
asset value, end of period |
$ | 9.00 | $ | 9.04 | $ | 9.30 | $ | 10.13 | $ | 9.60 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Return | ||||||||||||||||||||
|
Total
investment return based on net asset value(c) |
2.14 | % | (.31 | )% | (6.33 | )% | 7.81 | % | (.25 | )% | ||||||||||
| Ratios/Supplemental Data | ||||||||||||||||||||
|
Net
assets, end of period (000’s omitted) |
$ | 736 | $ | 1,551 | $ | 2,357 | $ | 5,269 | $ | 7,891 | ||||||||||
|
Ratio
to average net assets of: |
||||||||||||||||||||
|
Expenses,
net of waivers/reimbursements(d) |
1.57 | % | 1.57 | % | 1.57 | % | 1.57 | % | 1.59 | % | ||||||||||
|
Expenses,
before waivers/reimbursements(d) |
1.95 | % | 2.02 | % | 1.89 | % | 1.89 | % | 1.87 | % | ||||||||||
|
Net
investment income(b) |
2.67 | % | 2.37 | % | 1.92 | % | 2.05 | % | 2.34 | % | ||||||||||
|
Portfolio
turnover rate |
14 | % | 26 | % | 21 | % | 22 | % | 10 | % | ||||||||||
| CLASS A | ||||||||||||||||||||
| Year Ended May 31, | ||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||||
|
Net
asset value, beginning of period |
$ | 9.15 | $ | 9.50 | $ | 10.34 | $ | 9.88 | $ | 10.01 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income From Investment Operations | ||||||||||||||||||||
|
Net
investment income(a)(b) |
.28 | .26 | .23 | .26 | .28 | |||||||||||||||
|
Net
realized and unrealized gain (loss) on investment transactions |
.03 | (.34 | ) | (.84 | ) | .46 | (.13 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
increase (decrease) in net asset value from operations |
.31 | (.08 | ) | (.61 | ) | .72 | .15 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Less: Dividends | ||||||||||||||||||||
|
Dividends
from net investment income |
(.27 | ) | (.27 | ) | (.23 | ) | (.26 | ) | (.28 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
asset value, end of period |
$ | 9.19 | $ | 9.15 | $ | 9.50 | $ | 10.34 | $ | 9.88 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Return | ||||||||||||||||||||
|
Total
investment return based on net asset value(c) |
3.42 | % | (.84 | )% | (6.04 | )% | 7.40 | % | 1.45 | % | ||||||||||
| Ratios/Supplemental Data | ||||||||||||||||||||
|
Net
assets, end of period (000’s omitted) |
$ | 42,262 | $ | 49,565 | $ | 71,345 | $ | 69,533 | $ | 66,573 | ||||||||||
|
Ratio
to average net assets of: |
||||||||||||||||||||
|
Expenses,
net of waivers/reimbursements(d) |
.81 | % | .81 | % | .80 | % | .80 | % | .81 | % | ||||||||||
|
Expenses,
before waivers/reimbursements(d) |
1.35 | % | 1.31 | % | 1.15 | % | 1.16 | % | 1.13 | % | ||||||||||
|
Net
investment income(b) |
3.07 | % | 2.83 | % | 2.32 | % | 2.52 | % | 2.78 | % | ||||||||||
|
Portfolio
turnover rate |
16 | % | 12 | % | 15 | % | 17 | % | 19 | % | ||||||||||
| CLASS C | ||||||||||||||||||||
| Year Ended May 31, | ||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||||
|
Net
asset value, beginning of period |
$ | 9.14 | $ | 9.49 | $ | 10.34 | $ | 9.88 | $ | 10.01 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income From Investment Operations | ||||||||||||||||||||
|
Net
investment income(a)(b) |
.21 | .19 | .16 | .18 | .20 | |||||||||||||||
|
Net
realized and unrealized gain (loss) on investment transactions |
.03 | (.34 | ) | (.86 | ) | .47 | (.13 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
increase (decrease) in net asset value from operations |
.24 | (.15 | ) | (.70 | ) | .65 | .07 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Less: Dividends | ||||||||||||||||||||
|
Dividends
from net investment income |
(.20 | ) | (.20 | ) | (.15 | ) | (.19 | ) | (.20 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
asset value, end of period |
$ | 9.18 | $ | 9.14 | $ | 9.49 | $ | 10.34 | $ | 9.88 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Return | ||||||||||||||||||||
|
Total
investment return based on net asset value(c) |
2.65 | % | (1.58 | )% | (6.85 | )% | 6.60 | % | .70 | % | ||||||||||
| Ratios/Supplemental Data | ||||||||||||||||||||
|
Net
assets, end of period (000’s omitted) |
$ | 1,499 | $ | 1,538 | $ | 1,870 | $ | 3,986 | $ | 5,728 | ||||||||||
|
Ratio
to average net assets of: |
||||||||||||||||||||
|
Expenses,
net of waivers/reimbursements(d) |
1.56 | % | 1.56 | % | 1.55 | % | 1.55 | % | 1.56 | % | ||||||||||
|
Expenses,
before waivers/reimbursements(d) |
2.11 | % | 2.07 | % | 1.90 | % | 1.91 | % | 1.88 | % | ||||||||||
|
Net
investment income(b) |
2.32 | % | 2.10 | % | 1.55 | % | 1.78 | % | 2.03 | % | ||||||||||
|
Portfolio
turnover rate |
16 | % | 12 | % | 15 | % | 17 | % | 19 | % | ||||||||||
| CLASS A | ||||||||||||||||||||
| Year Ended May 31, | ||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||||
|
Net
asset value, beginning of period |
$ | 9.57 | $ | 9.96 | $ | 10.90 | $ | 10.45 | $ | 10.55 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income From Investment Operations | ||||||||||||||||||||
|
Net
investment income(a)(b) |
.31 | .28 | .26 | .28 | .31 | |||||||||||||||
|
Net
realized and unrealized gain (loss) on investment transactions |
(.06 | ) | (.38 | ) | (.93 | ) | .46 | (.11 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
increase (decrease) in net asset value from operations |
.25 | (.10 | ) | (.67 | ) | .74 | .20 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Less: Dividends | ||||||||||||||||||||
|
Dividends
from net investment income |
(.30 | ) | (.29 | ) | (.27 | ) | (.29 | ) | (.30 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
asset value, end of period |
$ | 9.52 | $ | 9.57 | $ | 9.96 | $ | 10.90 | $ | 10.45 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Return | ||||||||||||||||||||
|
Total
investment return based on net asset value(c) |
2.61 | % | (1.01 | )% | (6.31 | )% | 7.15 | % | 1.95 | % | ||||||||||
| Ratios/Supplemental Data | ||||||||||||||||||||
|
Net
assets, end of period (000’s omitted) |
$ | 46,646 | $ | 50,082 | $ | 57,968 | $ | 64,592 | $ | 66,575 | ||||||||||
|
Ratio
to average net assets of: |
||||||||||||||||||||
|
Expenses,
net of waivers/reimbursements(d) |
.85 | % | .85 | % | .85 | % | .85 | % | .85 | % | ||||||||||
|
Expenses,
before waivers/reimbursements(d) |
1.36 | % | 1.35 | % | 1.18 | % | 1.19 | % | 1.14 | % | ||||||||||
|
Net
investment income(b) |
3.30 | % | 2.88 | % | 2.46 | % | 2.64 | % | 2.91 | % | ||||||||||
|
Portfolio
turnover rate |
19 | % | 15 | % | 13 | % | 12 | % | 11 | % | ||||||||||
| CLASS C | ||||||||||||||||||||
| Year Ended May 31, | ||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||||
|
Net
asset value, beginning of period |
$ | 9.57 | $ | 9.96 | $ | 10.91 | $ | 10.45 | $ | 10.56 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income From Investment Operations | ||||||||||||||||||||
|
Net
investment income(a)(b) |
.24 | .21 | .18 | .20 | .23 | |||||||||||||||
|
Net
realized and unrealized gain (loss) on investment transactions |
(.06 | ) | (.39 | ) | (.95 | ) | .47 | (.12 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
increase (decrease) in net asset value from operations |
.18 | (.18 | ) | (.77 | ) | .67 | .11 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Less: Dividends | ||||||||||||||||||||
|
Dividends
from net investment income |
(.22 | ) | (.21 | ) | (.18 | ) | (.21 | ) | (.22 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
asset value, end of period |
$ | 9.53 | $ | 9.57 | $ | 9.96 | $ | 10.91 | $ | 10.45 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Return | ||||||||||||||||||||
|
Total
investment return based on net asset value(c) |
1.95 | % | (1.76 | )% | (7.11 | )% | 6.45 | % | 1.09 | % | ||||||||||
| Ratios/Supplemental Data | ||||||||||||||||||||
|
Net
assets, end of period (000’s omitted) |
$ | 532 | $ | 1,029 | $ | 1,056 | $ | 3,136 | $ | 4,181 | ||||||||||
|
Ratio
to average net assets of: |
||||||||||||||||||||
|
Expenses,
net of waivers/reimbursements(d) |
1.60 | % | 1.60 | % | 1.60 | % | 1.60 | % | 1.60 | % | ||||||||||
|
Expenses,
before waivers/reimbursements(d) |
2.11 | % | 2.10 | % | 1.93 | % | 1.94 | % | 1.89 | % | ||||||||||
|
Net
investment income(b) |
2.52 | % | 2.13 | % | 1.70 | % | 1.89 | % | 2.16 | % | ||||||||||
|
Portfolio
turnover rate |
19 | % | 15 | % | 13 | % | 12 | % | 11 | % | ||||||||||
| CLASS A | ||||||||||||||||||||
| Year Ended May 31, | ||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||||
|
Net
asset value, beginning of period |
$ | 10.31 | $ | 10.62 | $ | 11.61 | $ | 11.09 | $ | 11.19 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income From Investment Operations | ||||||||||||||||||||
|
Net
investment income(a)(b) |
.28 | .26 | .23 | .26 | .29 | |||||||||||||||
|
Net
realized and unrealized gain (loss) on investment transactions |
(.02 | ) | (.30 | ) | (.99 | ) | .52 | (.10 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
increase (decrease) in net asset value from operations |
.26 | (.04 | ) | (.76 | ) | .78 | .19 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Less: Dividends | ||||||||||||||||||||
|
Dividends
from net investment income |
(.27 | ) | (.27 | ) | (.23 | ) | (.26 | ) | (.29 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
asset value, end of period |
$ | 10.30 | $ | 10.31 | $ | 10.62 | $ | 11.61 | $ | 11.09 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Return | ||||||||||||||||||||
|
Total
investment return based on net asset value(c) |
2.53 | % | (.37 | )% | (6.64 | )% | 7.10 | % | 1.71 | % | ||||||||||
| Ratios/Supplemental Data | ||||||||||||||||||||
|
Net
assets, end of period (000’s omitted) |
$ | 105,807 | $ | 115,542 | $ | 133,626 | $ | 147,660 | $ | 133,346 | ||||||||||
|
Ratio
to average net assets of: |
||||||||||||||||||||
|
Expenses,
net of waivers/reimbursements(d) |
.80 | % | .80 | % | .80 | % | .80 | % | .80 | % | ||||||||||
|
Expenses,
before waivers/reimbursements(d) |
.89 | % | .91 | % | .86 | % | .89 | % | .90 | % | ||||||||||
|
Net
investment income(b) |
2.76 | % | 2.49 | % | 2.04 | % | 2.27 | % | 2.62 | % | ||||||||||
|
Portfolio
turnover rate |
15 | % | 13 | % | 13 | % | 9 | % | 16 | % | ||||||||||
| CLASS C | ||||||||||||||||||||
| Year Ended May 31, | ||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||||
|
Net
asset value, beginning of period |
$ | 10.28 | $ | 10.59 | $ | 11.58 | $ | 11.07 | $ | 11.16 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income From Investment Operations | ||||||||||||||||||||
|
Net
investment income(a)(b) |
.21 | .18 | .15 | .17 | .21 | |||||||||||||||
|
Net
realized and unrealized gain (loss) on investment transactions |
(.03 | ) | (.30 | ) | (1.00 | ) | .51 | (.09 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
increase (decrease) in net asset value from operations |
.18 | (.12 | ) | (.85 | ) | .68 | .12 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Less: Dividends | ||||||||||||||||||||
|
Dividends
from net investment income |
(.19 | ) | (.19 | ) | (.14 | ) | (.17 | ) | (.21 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
asset value, end of period |
$ | 10.27 | $ | 10.28 | $ | 10.59 | $ | 11.58 | $ | 11.07 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Return | ||||||||||||||||||||
|
Total
investment return based on net asset value(c) |
1.87 | % | (1.11 | )% | (7.37 | )% | 6.22 | % | 1.04 | % | ||||||||||
| Ratios/Supplemental Data | ||||||||||||||||||||
|
Net
assets, end of period (000’s omitted) |
$ | 5,033 | $ | 7,163 | $ | 8,452 | $ | 13,118 | $ | 20,540 | ||||||||||
|
Ratio
to average net assets of: |
||||||||||||||||||||
|
Expenses,
net of waivers/reimbursements(d) |
1.55 | % | 1.55 | % | 1.55 | % | 1.55 | % | 1.55 | % | ||||||||||
|
Expenses,
before waivers/reimbursements(d) |
1.64 | % | 1.67 | % | 1.61 | % | 1.64 | % | 1.65 | % | ||||||||||
|
Net
investment income(b) |
2.01 | % | 1.74 | % | 1.29 | % | 1.53 | % | 1.89 | % | ||||||||||
|
Portfolio
turnover rate |
15 | % | 13 | % | 13 | % | 9 | % | 16 | % | ||||||||||
| ADVISOR CLASS | ||||||||||||||||||||
| Year Ended May 31, | ||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||||
|
Net
asset value, beginning of period |
$ | 10.31 | $ | 10.62 | $ | 11.61 | $ | 11.10 | $ | 11.20 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income From Investment Operations | ||||||||||||||||||||
|
Net
investment income(a)(b) |
.31 | .28 | .26 | .29 | .32 | |||||||||||||||
|
Net
realized and unrealized gain (loss) on investment transactions |
(.01 | ) | (.30 | ) | (.99 | ) | .51 | (.10 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
increase (decrease) in net asset value from operations |
.30 | (.02 | ) | (.73 | ) | .80 | .22 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Less: Dividends | ||||||||||||||||||||
|
Dividends
from net investment income |
(.30 | ) | (.29 | ) | (.26 | ) | (.29 | ) | (.32 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net
asset value, end of period |
$ | 10.31 | $ | 10.31 | $ | 10.62 | $ | 11.61 | $ | 11.10 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Return | ||||||||||||||||||||
|
Total
investment return based on net asset value(c) |
2.89 | % | (.12 | )% | (6.41 | )% | 7.27 | % | 1.96 | % | ||||||||||
| Ratios/Supplemental Data | ||||||||||||||||||||
|
Net
assets, end of period (000’s omitted) |
$ | 80,755 | $ | 85,165 | $ | 90,811 | $ | 75,692 | $ | 56,772 | ||||||||||
|
Ratio
to average net assets of: |
||||||||||||||||||||
|
Expenses,
net of waivers/reimbursements(d) |
.55 | % | .55 | % | .55 | % | .55 | % | .55 | % | ||||||||||
|
Expenses,
before waivers/reimbursements(d) |
.64 | % | .66 | % | .61 | % | .64 | % | .65 | % | ||||||||||
|
Net
investment income(b) |
3.01 | % | 2.73 | % | 2.30 | % | 2.51 | % | 2.87 | % | ||||||||||
|
Portfolio
turnover rate |
15 | % | 13 | % | 13 | % | 9 | % | 16 | % | ||||||||||
| (a) |
Based
on average shares outstanding. |
| (b) |
Net
of expenses waived/reimbursed by the Adviser. |
| (c) |
Total
investment return is calculated assuming an initial investment made at the
net asset value at the beginning of the period, reinvestment of all
dividends and distributions at net asset value during the period, and
redemption on the last day of the period. Initial sales charges or
contingent deferred sales charges are not reflected in the calculation of
total investment return. Total return does not reflect the deduction of
taxes that a shareholder would pay on fund distributions or the redemption
of fund shares. Total investment return calculated for a period of less
than one year is not annualized. |
| (d) |
The
expense ratios presented below exclude interest/bank overdraft
expense: |
| Year Ended May 31, | ||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||||
|
AB
Arizona Portfolio |
||||||||||||||||||||
|
Class A |
||||||||||||||||||||
|
Net
of waivers/reimbursements |
.78% | .78% | .78% | .78% | .78% | |||||||||||||||
|
Before
waivers/reimbursements |
1.08% | 1.07% | .99% | 1.02% | 1.00% | |||||||||||||||
|
Class C |
||||||||||||||||||||
|
Net
of waivers/reimbursements |
1.53% | 1.53% | 1.53% | 1.53% | 1.53% | |||||||||||||||
|
Before
waivers/reimbursements |
1.83% | 1.82% | 1.74% | 1.77% | 1.75% | |||||||||||||||
|
Advisor
Class |
||||||||||||||||||||
|
Net
of waivers/reimbursements |
.53% | .53% | .53% | .53% | ^ | N/A | ||||||||||||||
|
Before
waivers/reimbursements |
.83% | .82% | .74% | 1.00% | ^ | N/A | ||||||||||||||
|
AB
Massachusetts Portfolio |
||||||||||||||||||||
|
Class A |
||||||||||||||||||||
|
Net
of waivers/reimbursements |
.77% | .77% | .77% | .77% | .77% | |||||||||||||||
|
Before
waivers/reimbursements |
.89% | .90% | .87% | .90% | .90% | |||||||||||||||
|
Class C |
||||||||||||||||||||
|
Net
of waivers/reimbursements |
1.52% | 1.52% | 1.52% | 1.52% | 1.52% | |||||||||||||||
|
Before
waivers/reimbursements |
1.64% | 1.65% | 1.62% | 1.65% | 1.65% | |||||||||||||||
|
Advisor
Class |
||||||||||||||||||||
|
Net
of waivers/reimbursements |
.52% | .52% | .52% | .52% | .52% | |||||||||||||||
|
Before
waivers/reimbursements |
.64% | .65% | .62% | .65% | .65% | |||||||||||||||
|
AB
Minnesota Portfolio |
||||||||||||||||||||
|
Class A |
||||||||||||||||||||
|
Net
of waivers/reimbursements |
.85% | .85% | .85% | .85% | .85% | |||||||||||||||
|
Before
waivers/reimbursements |
1.57% | 1.52% | 1.10% | 1.22% | 1.26% | |||||||||||||||
|
Class C |
||||||||||||||||||||
|
Net
of waivers/reimbursements |
1.60% | 1.60% | 1.60% | 1.60% | 1.60% | |||||||||||||||
|
Before
waivers/reimbursements |
2.33% | 2.27% | 1.86% | 1.97% | 2.02% | |||||||||||||||
|
AB
New Jersey Portfolio |
||||||||||||||||||||
|
Class A |
||||||||||||||||||||
|
Net
of waivers/reimbursements |
.82% | .82% | .82% | .82% | .82% | |||||||||||||||
|
Before
waivers/reimbursements |
1.21% | 1.27% | 1.15% | 1.14% | 1.10% | |||||||||||||||
|
Class C |
||||||||||||||||||||
|
Net
of waivers/reimbursements |
1.57% | 1.57% | 1.57% | 1.57% | 1.57% | |||||||||||||||
|
Before
waivers/reimbursements |
1.94% | 2.02% | 1.89% | 1.89% | 1.85% | |||||||||||||||
|
AB
Ohio Portfolio |
||||||||||||||||||||
|
Class A |
||||||||||||||||||||
|
Net
of waivers/reimbursements |
.80% | .80% | .80% | .80% | .80% | |||||||||||||||
|
Before
waivers/reimbursements |
1.35% | 1.30% | 1.15% | 1.16% | 1.12% | |||||||||||||||
|
Class C |
||||||||||||||||||||
|
Net
of waivers/reimbursements |
1.55% | 1.55% | 1.55% | 1.55% | 1.55% | |||||||||||||||
|
Before
waivers/reimbursements |
2.10% | 2.06% | 1.90% | 1.91% | 1.87% | |||||||||||||||
| Year Ended May 31, | ||||||||||||||||||||
| 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||||
|
AB
Pennsylvania Portfolio |
||||||||||||||||||||
|
Class A |
||||||||||||||||||||
|
Net
of waivers/reimbursements |
.85% | .85% | .85% | .85% | .85% | |||||||||||||||
|
Before
waivers/reimbursements |
1.35% | 1.35% | 1.18% | 1.19% | 1.14% | |||||||||||||||
|
Class C |
||||||||||||||||||||
|
Net
of waivers/reimbursements |
1.60% | 1.60% | 1.60% | 1.60% | 1.60% | |||||||||||||||
|
Before
waivers/reimbursements |
2.10% | 2.10% | 1.93% | 1.94% | 1.89% | |||||||||||||||
|
AB
Virginia Portfolio |
||||||||||||||||||||
|
Class A |
||||||||||||||||||||
|
Net
of waivers/reimbursements |
.80% | .80% | .80% | .80% | .80% | |||||||||||||||
|
Before
waivers/reimbursements |
.89% | .91% | .86% | .89% | .90% | |||||||||||||||
|
Class C |
||||||||||||||||||||
|
Net
of waivers/reimbursements |
1.55% | 1.55% | 1.55% | 1.55% | 1.55% | |||||||||||||||
|
Before
waivers/reimbursements |
1.64% | 1.66% | 1.61% | 1.64% | 1.65% | |||||||||||||||
|
Advisor
Class |
||||||||||||||||||||
|
Net
of waivers/reimbursements |
.55% | .55% | .55% | .55% | .55% | |||||||||||||||
|
Before
waivers/reimbursements |
.64% | .66% | .61% | .64% | .65% | |||||||||||||||
| (e) |
Commencement
of distribution. |
| (f) |
Due
to timing of sales and repurchase of capital shares, the net realized and
unrealized gain (loss) per share is not in accordance with the Portfolio’s
change in net realized and unrealized gain (loss) on investment
transactions for the period. |
| ^ |
Annualized. |
| Year |
Hypothetical
Investment |
Hypothetical
Performance
Earnings |
Investment
After
Returns |
Hypothetical
Expenses* |
Hypothetical
Ending
Investment | ||||||||||||||||||||
|
1 |
$ | 10,000.00 | $ | 485.00 | $ | 10,185.00 | $ | 376.39 | $ | 10,108.61 | |||||||||||||||
|
2 |
10,108.61 | 505.43 | 10,614.04 | 82.79 | 10,531.25 | ||||||||||||||||||||
|
3 |
10,531.25 | 526.56 | 11,057.81 | 86.25 | 10,971.56 | ||||||||||||||||||||
|
4 |
10,971.56 | 548.58 | 11,520.14 | 89.86 | 11,430.28 | ||||||||||||||||||||
|
5 |
11,430.28 | 571.51 | 12,001.79 | 93.61 | 11,908.18 | ||||||||||||||||||||
|
6 |
11,908.18 | 595.41 | 12,503.59 | 97.53 | 12,406.06 | ||||||||||||||||||||
|
7 |
12,406.06 | 620.30 | 13,026.36 | 101.61 | 12,924.75 | ||||||||||||||||||||
|
8 |
12,924.75 | 646.24 | 13,570.99 | 105.85 | 13,465.14 | ||||||||||||||||||||
|
9 |
13,465.14 | 673.26 | 14,138.40 | 110.28 | 14,028.12 | ||||||||||||||||||||
|
10 |
14,028.12 | 701.41 | 14,729.53 | 114.89 | 14,614.64 | ||||||||||||||||||||
|
Cumulative |
$ | 5,873.70 | $ | 1,259.06 | |||||||||||||||||||||
| Year |
Hypothetical
Investment |
Hypothetical
Performance
Earnings |
Investment
After
Returns |
Hypothetical
Expenses* |
Hypothetical
Ending
Investment | ||||||||||||||||||||
|
1 |
$ | 10,000.00 | $ | 485.00 | $ | 10,185.00 | $ | 422.22 | $ | 10,062.78 | |||||||||||||||
|
2 |
10,062.78 | 503.14 | 10,565.92 | 127.85 | 10,438.07 | ||||||||||||||||||||
|
3 |
10,438.07 | 521.90 | 10,959.97 | 132.62 | 10,827.35 | ||||||||||||||||||||
|
4 |
10,827.35 | 541.37 | 11,368.72 | 137.56 | 11,231.16 | ||||||||||||||||||||
|
5 |
11,231.16 | 561.56 | 11,792.72 | 142.69 | 11,650.03 | ||||||||||||||||||||
|
6 |
11,650.03 | 582.50 | 12,232.53 | 148.01 | 12,084.52 | ||||||||||||||||||||
|
7 |
12,084.52 | 604.23 | 12,688.75 | 153.53 | 12,535.22 | ||||||||||||||||||||
|
8 |
12,535.22 | 626.76 | 13,161.98 | 159.26 | 13,002.72 | ||||||||||||||||||||
|
9 |
13,002.72 | 650.14 | 13,652.86 | 165.20 | 13,487.66 | ||||||||||||||||||||
|
10 |
13,487.66 | 674.38 | 14,162.04 | 171.36 | 13,990.68 | ||||||||||||||||||||
|
Cumulative |
$ | 5,750.98 | $ | 1,760.30 | |||||||||||||||||||||
| Year |
Hypothetical
Investment |
Hypothetical
Performance
Earnings |
Investment
After
Returns |
Hypothetical
Expenses* |
Hypothetical
Ending
Investment | ||||||||||||||||||||
|
1 |
$ | 10,000.00 | $ | 485.00 | $ | 10,185.00 | $ | 376.39 | $ | 10,108.61 | |||||||||||||||
|
2 |
10,108.61 | 505.43 | 10,614.04 | 81.73 | 10,532.31 | ||||||||||||||||||||
|
3 |
10,532.31 | 526.62 | 11,058.93 | 85.15 | 10,973.78 | ||||||||||||||||||||
|
4 |
10,973.78 | 548.69 | 11,522.47 | 88.72 | 11,433.75 | ||||||||||||||||||||
|
5 |
11,433.75 | 571.69 | 12,005.44 | 92.44 | 11,931.00 | ||||||||||||||||||||
|
6 |
11,931.00 | 595.65 | 12,508.65 | 96.32 | 12,412.33 | ||||||||||||||||||||
|
7 |
12,412.33 | 620.62 | 13,032.95 | 100.35 | 12,932.60 | ||||||||||||||||||||
|
8 |
12,932.60 | 646.63 | 13,579.23 | 104.56 | 13,474.67 | ||||||||||||||||||||
|
9 |
13,474.67 | 673.73 | 14,148.40 | 108.94 | 14,039.46 | ||||||||||||||||||||
|
10 |
14,039.46 | 701.97 | 14,741.43 | 113.51 | 14,627.92 | ||||||||||||||||||||
|
Cumulative |
$ | 5,876.03 | $ | 1,248.11 | |||||||||||||||||||||
| Year |
Hypothetical
Investment |
Hypothetical
Performance
Earnings |
Investment
After
Returns |
Hypothetical
Expenses* |
Hypothetical
Ending
Investment | ||||||||||||||||||||
|
1 |
$ | 10,000.00 | $ | 485.00 | $ | 10,185.00 | $ | 379.45 | $ | 10,105.55 | |||||||||||||||
|
2 |
10,105.55 | 505.28 | 10,610.83 | 114.61 | 10,496.22 | ||||||||||||||||||||
|
3 |
10,496.22 | 524.81 | 11,021.03 | 119.04 | 10,901.99 | ||||||||||||||||||||
|
4 |
10,901.99 | 545.10 | 11,447.09 | 123.64 | 11,323.45 | ||||||||||||||||||||
|
5 |
11,323.45 | 566.17 | 11,889.62 | 128.42 | 11,761.20 | ||||||||||||||||||||
|
6 |
11,761.20 | 588.06 | 12,349.26 | 133.38 | 12,215.88 | ||||||||||||||||||||
|
7 |
12,215.88 | 610.79 | 12,826.67 | 138.54 | 12,688.13 | ||||||||||||||||||||
|
8 |
12,688.13 | 634.41 | 13,322.54 | 143.90 | 13,178.64 | ||||||||||||||||||||
|
9 |
13,178.64 | 658.93 | 13,837.57 | 149.46 | 13,688.11 | ||||||||||||||||||||
|
10 |
13,688.11 | 684.41 | 14,372.52 | 155.24 | 14,217.28 | ||||||||||||||||||||
|
Cumulative |
$ | 5,802.96 | $ | 1,585.68 | |||||||||||||||||||||
| Year |
Hypothetical
Investment |
Hypothetical
Performance
Earnings |
Investment
After
Returns |
Hypothetical
Expenses* |
Hypothetical
Ending
Investment | ||||||||||||||||||||
|
1 |
$ | 10,000.00 | $ | 485.00 | $ | 10,185.00 | $ | 378.42 | $ | 10,106.58 | |||||||||||||||
|
2 |
10,106.58 | 505.33 | 10,611.91 | 94.45 | 10,517.46 | ||||||||||||||||||||
|
3 |
10,517.46 | 525.87 | 11,043.33 | 98.29 | 10,945.04 | ||||||||||||||||||||
|
4 |
10,945.04 | 547.25 | 11,492.29 | 102.28 | 11,390.01 | ||||||||||||||||||||
|
5 |
11,390.01 | 569.50 | 11,959.51 | 106.44 | 11,853.07 | ||||||||||||||||||||
|
6 |
11,853.07 | 592.65 | 12,445.72 | 110.77 | 12,334.95 | ||||||||||||||||||||
|
7 |
12,334.95 | 616.75 | 12,951.70 | 115.27 | 12,836.43 | ||||||||||||||||||||
|
8 |
12,836.43 | 641.82 | 13,478.25 | 119.96 | 13,358.29 | ||||||||||||||||||||
|
9 |
13,358.29 | 667.91 | 14,026.20 | 124.83 | 13,901.37 | ||||||||||||||||||||
|
10 |
13,901.37 | 695.07 | 14,596.44 | 129.91 | 14,466.53 | ||||||||||||||||||||
|
Cumulative |
$ | 5,847.15 | $ | 1,380.62 | |||||||||||||||||||||
| Year |
Hypothetical
Investment |
Hypothetical
Performance
Earnings |
Investment
After
Returns |
Hypothetical
Expenses* |
Hypothetical
Ending
Investment | ||||||||||||||||||||
|
1 |
$ | 10,000.00 | $ | 485.00 | $ | 10,185.00 | $ | 386.57 | $ | 10,098.43 | |||||||||||||||
|
2 |
10,098.43 | 504.92 | 10,603.35 | 166.47 | 10,436.88 | ||||||||||||||||||||
|
3 |
10,436.88 | 521.84 | 10,958.72 | 172.05 | 10,786.67 | ||||||||||||||||||||
|
4 |
10,786.67 | 539.33 | 11,326.00 | 177.82 | 11,148.18 | ||||||||||||||||||||
|
5 |
11,148.18 | 557.41 | 11,705.59 | 183.78 | 11,521.81 | ||||||||||||||||||||
|
6 |
11,521.81 | 576.09 | 12,097.90 | 189.94 | 11,907.96 | ||||||||||||||||||||
|
7 |
11,907.96 | 595.40 | 12,503.36 | 196.30 | 12,307.06 | ||||||||||||||||||||
|
8 |
12,307.06 | 615.35 | 12,922.41 | 202.88 | 12,719.53 | ||||||||||||||||||||
|
9 |
12,719.53 | 635.98 | 13,355.51 | 209.68 | 13,145.83 | ||||||||||||||||||||
|
10 |
13,145.83 | 657.29 | 13,803.12 | 216.71 | 13,586.41 | ||||||||||||||||||||
|
Cumulative |
$ | 5,688.61 | $ | 2,102.20 | |||||||||||||||||||||
| Year |
Hypothetical
Investment |
Hypothetical
Performance
Earnings |
Investment
After
Returns |
Hypothetical
Expenses* |
Hypothetical
Ending
Investment | ||||||||||||||||||||
|
1 |
$ | 10,000.00 | $ | 485.00 | $ | 10,185.00 | $ | 383.52 | $ | 10,101.48 | |||||||||||||||
|
2 |
10,101.48 | 505.07 | 10,606.55 | 128.34 | 10,478.21 | ||||||||||||||||||||
|
3 |
10,478.21 | 523.91 | 11,002.12 | 133.13 | 10,868.99 | ||||||||||||||||||||
|
4 |
10,868.99 | 543.45 | 11,412.44 | 138.09 | 11,274.35 | ||||||||||||||||||||
|
5 |
11,274.35 | 563.72 | 11,838.07 | 143.24 | 11,694.83 | ||||||||||||||||||||
|
6 |
11,694.83 | 584.74 | 12,279.57 | 148.58 | 12,130.99 | ||||||||||||||||||||
|
7 |
12,130.99 | 606.55 | 12,737.54 | 154.12 | 12,583.42 | ||||||||||||||||||||
|
8 |
12,583.42 | 629.17 | 13,212.59 | 159.87 | 13,052.72 | ||||||||||||||||||||
|
9 |
13,052.72 | 652.64 | 13,705.36 | 165.83 | 13,539.53 | ||||||||||||||||||||
|
10 |
13,539.53 | 676.98 | 14,216.51 | 172.02 | 14,044.49 | ||||||||||||||||||||
|
Cumulative |
$ | 5,771.23 | $ | 1,726.74 | |||||||||||||||||||||
| Year |
Hypothetical
Investment |
Hypothetical
Performance
Earnings |
Investment
After
Returns |
Hypothetical
Expenses* |
Hypothetical
Ending
Investment | ||||||||||||||||||||
|
1 |
$ | 10,000.00 | $ | 485.00 | $ | 10,185.00 | $ | 376.39 | $ | 10,108.61 | |||||||||||||||
|
2 |
10,108.61 | 505.43 | 10,614.04 | 87.04 | 10,527.00 | ||||||||||||||||||||
|
3 |
10,527.00 | 526.35 | 11,053.35 | 90.64 | 10,962.71 | ||||||||||||||||||||
|
4 |
10,962.71 | 548.14 | 11,510.85 | 94.39 | 11,416.46 | ||||||||||||||||||||
|
5 |
11,416.46 | 570.82 | 11,987.28 | 98.30 | 11,888.98 | ||||||||||||||||||||
|
6 |
11,888.98 | 594.45 | 12,483.43 | 102.36 | 12,381.07 | ||||||||||||||||||||
|
7 |
12,381.07 | 619.05 | 13,000.12 | 106.60 | 12,893.52 | ||||||||||||||||||||
|
8 |
12,893.52 | 644.68 | 13,538.20 | 111.01 | 13,427.19 | ||||||||||||||||||||
|
9 |
13,427.19 | 671.36 | 14,098.55 | 115.61 | 13,982.94 | ||||||||||||||||||||
|
10 |
13,982.94 | 699.15 | 14,682.09 | 120.39 | 14,561.70 | ||||||||||||||||||||
|
Cumulative |
$ | 5,864.43 | $ | 1,302.73 | |||||||||||||||||||||
| Year |
Hypothetical
Investment |
Hypothetical
Performance
Earnings |
Investment
After
Returns |
Hypothetical
Expenses* |
Hypothetical
Ending
Investment | ||||||||||||||||||||
|
1 |
$ | 10,000.00 | $ | 485.00 | $ | 10,185.00 | $ | 382.50 | $ | 10,102.50 | |||||||||||||||
|
2 |
10,102.50 | 505.13 | 10,607.63 | 143.20 | 10,464.43 | ||||||||||||||||||||
|
3 |
10,464.43 | 523.22 | 10,987.65 | 148.33 | 10,839.32 | ||||||||||||||||||||
|
4 |
10,839.32 | 541.97 | 11,381.29 | 153.65 | 11,227.64 | ||||||||||||||||||||
|
5 |
11,227.64 | 561.38 | 11,789.02 | 159.15 | 11,629.87 | ||||||||||||||||||||
|
6 |
11,629.87 | 581.49 | 12,211.36 | 164.85 | 12,046.51 | ||||||||||||||||||||
|
7 |
12,046.51 | 602.33 | 12,648.84 | 170.76 | 12,478.08 | ||||||||||||||||||||
|
8 |
12,478.08 | 623.90 | 13,101.98 | 176.88 | 12,925.10 | ||||||||||||||||||||
|
9 |
12,925.10 | 646.26 | 13,571.36 | 183.21 | 13,388.15 | ||||||||||||||||||||
|
10 |
13,388.15 | 669.41 | 14,057.56 | 189.78 | 13,867.78 | ||||||||||||||||||||
|
Cumulative |
$ | 5,740.09 | $ | 1,872.31 | |||||||||||||||||||||
| Year |
Hypothetical
Investment |
Hypothetical
Performance
Earnings |
Investment
After
Returns |
Hypothetical
Expenses* |
Hypothetical
Ending
Investment | ||||||||||||||||||||
|
1 |
$ | 10,000.00 | $ | 485.00 | $ | 10,185.00 | $ | 386.57 | $ | 10,098.43 | |||||||||||||||
|
2 |
10,098.43 | 504.92 | 10,603.35 | 144.21 | 10,459.14 | ||||||||||||||||||||
|
3 |
10,459.14 | 522.96 | 10,982.10 | 149.36 | 10,832.74 | ||||||||||||||||||||
|
4 |
10,832.74 | 541.64 | 11,374.38 | 154.69 | 11,219.69 | ||||||||||||||||||||
|
5 |
11,219.69 | 560.98 | 11,780.67 | 160.22 | 11,620.45 | ||||||||||||||||||||
|
6 |
11,620.45 | 581.02 | 12,201.47 | 165.94 | 12,035.53 | ||||||||||||||||||||
|
7 |
12,035.53 | 601.78 | 12,637.31 | 171.87 | 12,465.44 | ||||||||||||||||||||
|
8 |
14,465.44 | 623.27 | 13,088.71 | 178.01 | 12,910.70 | ||||||||||||||||||||
|
9 |
12,910.70 | 645.54 | 13,556.24 | 184.36 | 13,371.88 | ||||||||||||||||||||
|
10 |
13,371.88 | 668.59 | 14,040.47 | 190.95 | 13,849.52 | ||||||||||||||||||||
|
Cumulative |
$ | 5,735.70 | $ | 1,886.18 | |||||||||||||||||||||
| Year |
Hypothetical
Investment |
Hypothetical
Performance
Earnings |
Investment
After
Returns |
Hypothetical
Expenses* |
Hypothetical
Ending
Investment | ||||||||||||||||||||
|
1 |
$ | 10,000.00 | $ | 485.00 | $ | 10,185.00 | $ | 381.48 | $ | 10,103.52 | |||||||||||||||
|
2 |
10,103.52 | 505.18 | 10,608.70 | 94.42 | 10,514.28 | ||||||||||||||||||||
|
3 |
10,514.28 | 525.71 | 11,039.99 | 98.26 | 10,941.73 | ||||||||||||||||||||
|
4 |
10,941.73 | 547.09 | 11,488.82 | 102.25 | 11,386.57 | ||||||||||||||||||||
|
5 |
11,386.57 | 569.33 | 11,955.90 | 106.41 | 11,849.49 | ||||||||||||||||||||
|
6 |
11,849.49 | 592.47 | 12,441.96 | 110.73 | 12,331.23 | ||||||||||||||||||||
|
7 |
12,331.23 | 616.56 | 12,947.79 | 115.24 | 12,832.55 | ||||||||||||||||||||
|
8 |
12,832.55 | 641.63 | 13,474.18 | 119.92 | 13,354.26 | ||||||||||||||||||||
|
9 |
13,354.26 | 667.71 | 14,021.97 | 124.80 | 13,897.17 | ||||||||||||||||||||
|
10 |
13,897.17 | 694.86 | 14,592.03 | 129.87 | 14,462.16 | ||||||||||||||||||||
|
Cumulative |
$ | 5,845.54 | $ | 1,383.38 | |||||||||||||||||||||
| * |
Expenses
are net of any fee waiver or expense waiver for the first year.
Thereafter, the expense ratio reflects the Portfolio’s operating expenses
before fee waiver as reflected under “Fees and Expenses of the Portfolio”
in the Summary Information at the beginning of this
Prospectus. |
| • |
Shares
of mutual funds available for purchase by employer-sponsored retirement,
deferred compensation, and employee benefit plans (including health
savings accounts) and trusts used to fund those plans provided the shares
are not held in a commission-based brokerage account and shares are held
for the benefit of the plan. For purposes of this provision,
employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs,
SAR-SEPs or Keogh plans |
| • |
Shares
purchased through a Merrill investment advisory
program |
| • |
Brokerage
class shares exchanged from advisory class shares due to the holdings
moving from a Merrill investment advisory program to a Merrill brokerage
account |
| • |
Shares
purchased through the Merrill Edge Self-Directed
platform |
| • |
Shares
purchased through the systematic reinvestment of capital gains
distributions and dividend reinvestment when purchasing shares of the same
mutual fund in the same account |
| • |
Shares
exchanged from level-load shares to front-end load shares of the same
mutual fund in accordance with the description in the Merrill SLWD
Supplement |
| • |
Shares
purchased by eligible employees of Merrill or its affiliates and their
family members who purchase shares in accounts within the employee’s
Merrill Household (as defined in the Merrill SLWD
Supplement) |
| • |
Shares
purchased by eligible persons associated with the Fund as defined in the
Prospectus (e.g., the Fund’s
officers or trustees) |
| • |
Shares
purchased from the proceeds of a mutual fund redemption in front-end load
shares provided (1) the repurchase is in a mutual fund within the
same fund family, (2) the repurchase occurs within 90 calendar days
from the redemption trade date, and (3) the redemption and purchase
occur in the same account (known as Rights of Reinstatement). Automated
transactions (i.e., systematic purchases and
withdrawals) and purchases made after shares are automatically sold to pay
Merrill’s account maintenance fees are not eligible for Rights of
Reinstatement |
| • |
Shares
sold due to the client’s death or disability (as defined by Internal
Revenue Code Section 22I(3)) |
| • |
Shares
sold pursuant to a systematic withdrawal program subject to Merrill’s
maximum systematic withdrawal limits as described in the Merrill SLWD
Supplement |
| • |
Shares
sold due to return of excess contributions from an IRA
account |
| • |
Shares
sold as part of a required minimum distribution for IRA and retirement
accounts due to the investor reaching the qualified age based on
applicable IRS regulation |
| • |
Front-end
or level-load shares held in commission-based, non-taxable retirement
brokerage accounts (e.g.,
traditional, Roth, rollover, SEP IRAs, Simple IRAs, SAR-SEPs or Keogh
plans) that are transferred to fee-based accounts or platforms and
exchanged for a lower cost share class of the same mutual
fund |
| • |
Breakpoint
discounts, as described in the Prospectus, where the sales load is at or
below the maximum sales load that Merrill permits to be assessed to a
front-end load purchase, as described in the Merrill SLWD
Supplement |
| • |
Rights
of Accumulation (ROA), as described in the Merrill SLWD Supplement, which
entitle clients to breakpoint discounts based on the aggregated holdings
of mutual fund family assets held in accounts in their Merrill
Household |
| • |
Letters
of Intent (LOI), which allow for breakpoint discounts on eligible new
purchases based on anticipated future eligible purchases within a fund
family at Merrill, in accounts within your Merrill Household, as further
described in the Merrill SLWD Supplement |
| • |
Employer-sponsored
retirement plans (e.g., 401(k)
plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and
money purchase pension plans and defined benefit plans). For purposes of
this provision, employer-sponsored retirement plans do not include SEP
IRAs, Simple IRAs, SAR-SEPs or Keogh plans |
| • |
Morgan
Stanley employee and employee-related accounts according to Morgan
Stanley’s account linking rules |
| • |
Shares
purchased through reinvestment of dividends and capital gains
distributions when purchasing shares of the same
fund |
| • |
Shares
purchased through a Morgan Stanley self-directed brokerage
account |
| • |
Class C
(i.e., level-load) shares that are
no longer subject to a contingent deferred sales charge and are converted
to Class A shares of the same fund pursuant to Morgan Stanley Wealth
Management’s share class conversion program |
| • |
Shares
purchased from the proceeds of redemptions within the same fund family,
provided (i) the repurchase occurs within 90 days following the
redemption, (ii) the redemption and purchase occur in the same
account, and (iii) redeemed shares were subject to a front-end or
deferred sales charge |
| • |
Employer-sponsored
retirement plans (e.g., 401(k)
plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and
money purchase pension plans and defined benefit plans). For purposes of
this provision, employer-sponsored retirement plans do not include SEP
IRAs, Simple IRAs or SAR-SEPs |
| • |
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same fund (but not any other
fund within the same fund family) |
| • |
Shares
exchanged from Class C shares of the same fund in the month of or
following the 7-year anniversary of the purchase date. To the extent that
this Prospectus elsewhere provides for a waiver with respect to exchanges
of Class C shares or conversion of Class C shares following a shorter
holding period, that waiver will apply |
| • |
Employees
and registered representatives of Ameriprise Financial or its affiliates
and their immediate family members |
| • |
Shares
purchased by or through qualified accounts (including IRAs, Coverdell
Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and
defined benefit plans) that are held by a covered family member, defined
as an Ameriprise financial advisor and/or the advisor’s spouse, advisor’s
lineal ascendant (mother, father, grandmother, grandfather, great
grandmother, great grandfather), advisor’s lineal descendant (son,
step-son, daughter, step-daughter, grandson, granddaughter, great
grandson, great granddaughter) or any spouse of a covered family member
who is a lineal descendant |
| • |
Shares
purchased from the proceeds of redemptions within the same fund family,
provided (1) the repurchase occurs within 90 days following the
redemption, (2) the redemption and purchase occur in the same
account, and (3) redeemed shares were subject to a front-end or
deferred sales load (i.e., Rights
of Reinstatement) |
| • |
Shares
purchased in an investment advisory program |
| • |
Shares
purchased within the same fund family through a systematic reinvestment of
capital gains and dividend distributions |
| • |
Employees
and registered representatives of Raymond James or its affiliates and
their family members as designated by Raymond
James |
| • |
Shares
purchased from the proceeds of redemptions within the same fund family,
provided that (1) the repurchase occurs within 90 days following
the redemption, (2) the redemption and purchase occur in the same
account, and (3) redeemed shares were subject to a front-end or
deferred sales load (known as Rights of
Reinstatement) |
| • |
A
shareholder in the Portfolio’s Class C shares will have their shares
converted at net asset value to Class A shares (or the appropriate
share class) of the Portfolio if the shares are no longer subject to a
CDSC and the conversion is in line with the policies and procedures of
Raymond James |
| • |
Death
or disability of the shareholder |
| • |
Shares
sold as part of a systematic withdrawal plan as described in the
Portfolio’s Prospectus |
| • |
Return
of excess contributions from an IRA Account |
| • |
Shares
sold as part of a required minimum distribution for IRA and retirement
accounts due to the shareholder reaching the qualified age based on
applicable IRS regulations as described in the Portfolio’s
Prospectus |
| • |
Shares
sold to pay Raymond James fees but only if the transaction is initiated by
Raymond James |
| • |
Shares
acquired through a right of reinstatement |
| • |
Breakpoints
as described in the Prospectus |
| • |
Rights
of Accumulation which entitle shareholders to breakpoint discounts will be
automatically calculated based on the aggregated holding of fund family
assets held by accounts within the purchaser’s household at Raymond James.
Eligible fund family assets not held at Raymond James may be included in
the calculation of Rights of Accumulation only if the shareholder notifies
his or her financial advisor about such assets |
| • |
Letters
of Intent which allow for breakpoint discounts based on anticipated
purchases within a fund family, over a 13-month time period. Eligible fund
family assets not held at Raymond James may be included in the calculation
of Letters of Intent only if the shareholder notifies his or her financial
advisor about such assets |
| • |
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same fund (but not any other
fund within the fund family) |
| • |
Shares
purchased by employees and registered representatives of Janney or its
affiliates and their family members as designated by
Janney |
| • |
Shares
purchased from the proceeds of redemptions within the same fund family,
provided (1) the repurchase occurs within ninety (90) days
following the redemption, (2) the redemption and purchase occur in
the same account, and (3) redeemed shares were subject to a front-end
or deferred sales load (i.e.,
right of reinstatement) |
| • |
Employer-sponsored
retirement plans (e.g., 401(k)
plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and
money purchase pension plans and defined benefit plans). For purposes of
this provision, employer-sponsored retirement plans do not include SEP
IRAs, Simple IRAs, SAR-SEPs or Keogh plans |
| • |
Shares
acquired through a right of reinstatement |
| • |
Class
C shares that are no longer subject to a CDSC and are converted to
Class A shares of the same fund pursuant to Janney’s policies and
procedures |
| • |
Shares
sold upon the death or disability of the
shareholder |
| • |
Shares
sold as part of a systematic withdrawal plan as described in the
Portfolio’s Prospectus |
| • |
Shares
purchased in connection with a return of excess contributions from an IRA
account |
| • |
Shares
sold as part of a required minimum distribution for IRA and other
retirement accounts due to the shareholder reaching the required age based
on applicable rules |
| • |
Shares
sold to pay Janney fees but only if the transaction is initiated by
Janney |
| • |
Shares
acquired through a right of reinstatement |
| • |
Shares
exchanged into the same share class of a different
fund |
| • |
Breakpoints
as described in the Portfolio’s Prospectus |
| • |
Rights
of Accumulation (“ROA”), which entitle shareholders to breakpoint
discounts, will be automatically calculated based on the aggregated
holding of fund family assets held by accounts within the purchaser’s
household at Janney. Eligible fund family assets not held at Janney may be
included in the ROA calculation only if the shareholder notifies his or
her financial advisor about such assets |
| • |
Letters
of Intent which allow for breakpoint discounts based on anticipated
purchases within a fund family, over a 13-month time period. Eligible fund
family assets not held at Janney may be included in the calculation of
Letters of Intent only if the shareholder notifies his or her financial
advisor about such assets |
| • |
Employer-sponsored
retirement, deferred compensation and employee benefit plans (including
health savings accounts) and trusts used to fund those plans, provided
that the shares are not held in a commission-based brokerage account and
shares are held for the benefit of the plan |
| • |
Shares
purchased by or through a 529 Plan |
| • |
Shares
purchased through an OPCO affiliated investment advisory
program |
| • |
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same fund (but not any other
fund within the fund family) |
| • |
Shares
purchased from the proceeds of redemptions within the same fund family,
provided (1) the repurchase occurs within 90 days following the
redemption, (2) the redemption and purchase occur in the same
account, and (3) redeemed shares were subject to a front-end or
deferred sales load (known as Rights of
Reinstatement) |
| * |
Also,
referred to as an “initial sales charge” |
| • |
A
shareholder in the Portfolio’s Class C shares will have their shares
converted at net asset value to Class A shares (or the appropriate
share class) of the Portfolio if the shares are no longer subject to a
CDSC and the conversion is in line with the policies and procedures of
OPCO |
| • |
Employees
and registered representatives of OPCO or its affiliates and their family
members |
| • |
Directors
or Trustees of the Portfolio, and employees of the Portfolio’s investment
adviser or any of its affiliates, as described in the
Prospectus |
| • |
Death
or disability of the shareholder |
| • |
Shares
sold as part of a systematic withdrawal plan as described in the
Portfolio’s Prospectus |
| • |
Return
of excess contributions from an IRA Account |
| • |
Shares
sold as part of a required minimum distribution for IRA and retirement
accounts due to the shareholder reaching the qualified age based on
applicable IRS regulations as described in the
Prospectus |
| • |
Shares
sold to pay OPCO fees but only if the transaction is initiated by
OPCO |
| • |
Shares
acquired through a right of reinstatement |
| • |
Breakpoints
as described in the Prospectus |
| • |
Rights
of Accumulation (“ROA”) which entitle shareholders to breakpoint discounts
will be automatically calculated based on the aggregated holding of fund
family assets held by accounts within the purchaser’s household at OPCO.
Eligible fund family assets not held at OPCO may be included in the ROA
calculation only if the shareholder notifies his or her financial advisor
about such assets |
| • |
Breakpoint
pricing, otherwise known as volume pricing, at dollar thresholds as
described in the Prospectus |
| • |
The
applicable sales charge on a purchase of Class A shares is determined
by taking into account all share classes (except certain money market
funds and any assets held in group retirement plans) of AB Mutual Funds
held by the shareholder or in an account grouped by Edward Jones with
other accounts for the purpose of providing certain pricing considerations
(“pricing groups”). If grouping assets as a shareholder, this includes all
share classes held on the Edward Jones platform and/or held on another
platform. The inclusion of eligible fund family assets in the ROA
calculation is dependent on the shareholder notifying Edward Jones of such
assets at the time of calculation. Money market funds are included only if
such shares were sold with a sales charge at the time of purchase or
acquired in exchange for shares purchased with a sales
charge |
| • |
The
employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to
establish or change ROA for the IRA accounts associated with the plan to a
plan-level grouping as opposed to including all share classes at a
shareholder or pricing group level |
| • |
ROA
is determined by calculating the higher of cost minus redemptions or
market value (current shares x NAV) |
| • |
Through
a LOI, shareholders can receive the sales charge and breakpoint discounts
for purchases shareholders intend to make over a 13-month period from the
date Edward Jones receives the LOI. The LOI is determined by calculating
the higher of cost or market value of qualifying holdings at LOI
initiation in combination with the value that the shareholder intends to
buy over a 13-month period to calculate the front-end sales charge and any
breakpoint discounts. Each purchase the shareholder makes during that
13-month period will receive the sales charge and breakpoint discount that
applies to the total amount. The inclusion of eligible fund family assets
in the LOI calculation is dependent on the shareholder notifying Edward
Jones of such assets at the time of calculation. Purchases made before the
LOI is received by Edward Jones are not adjusted under the LOI and will
not reduce the sales charge previously paid. Sales charges will be
adjusted if LOI is not met |
| • |
If
the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected
to establish or change ROA for the IRA accounts associated with the plan
to a plan-level grouping, LOIs will also be at the plan-level and may only
be established by the employer |
| • |
Associates
of Edward Jones and its affiliates and other accounts in the same pricing
group (as determined by Edward Jones under its policies and procedures) as
the associate. This waiver will continue for the remainder of the
associate’s life if the associate retires from Edward Jones in
good-standing and remains in good standing pursuant to Edward Jones’
policies and procedures |
| • |
Shares
purchased in an Edward Jones fee-based program |
| • |
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment |
| • |
Shares
purchased from the proceeds of redeemed shares of the same fund family so
long as the following conditions are met: the proceeds are from the sale
of shares within 60 days of the purchase, the sale and purchase are made
from a share class that charges a front load and one of the
following: |
| • |
The
redemption and repurchase occur in the same
account |
| • |
The
redemption proceeds are used to process an: IRA contribution, excess
contributions, conversion, recharacterizing of contributions, or
distribution, and the repurchase is done in an account within the same
Edward Jones grouping for ROA |
| • |
Shares
exchanged into Class A shares from another share class so long as the
exchange is into the same fund and was initiated at the discretion of
Edward Jones. Edward Jones is responsible for any remaining CDSC due to
the fund company, if applicable. Any future purchases are subject to the
applicable sales charge as disclosed in the
Prospectus |
| • |
Exchanges
from Class C shares to Class A shares of the same fund, generally, in
the 84th month
following the anniversary of the purchase date or earlier at the
discretion of Edward Jones |
| • |
The
death or disability of the shareholder |
| • |
Systematic
withdrawals with up to 10% per year of the account
value |
| • |
Return
of excess contributions from an Individual Retirement Account
(IRA) |
| • |
Shares
redeemed as part of a required minimum distribution for IRA and retirement
accounts if the redemption is taken in or after the year the shareholder
reaches qualified age based on applicable IRS
regulations |
| • |
Shares
redeemed to pay Edward Jones fees or costs in such cases where the
transaction is initiated by Edward Jones |
| • |
Shares
exchanged in an Edward Jones fee-based
program |
| • |
Shares
acquired through NAV reinstatement |
| • |
Shares
redeemed at the discretion of Edward Jones for Minimum Balances, as
described below |
| • |
Initial
purchase minimum: $250 |
| • |
Subsequent
purchase minimum: none |
| • |
Edward
Jones has the right to redeem at its discretion fund holdings with a
balance of $250 or less. The following are examples of accounts that are
not included in this policy: |
| • |
A
fee-based account held on an Edward Jones
platform |
| • |
An
account with an active systematic investment plan or
LOI |
| • |
At
any time it deems necessary, Edward Jones has the authority to exchange at
NAV a shareholder’s holdings in a fund to Class A shares of the same
fund. |
| • |
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same
fund |
| • |
Shares
purchased by employees and registered representatives of Baird or its
affiliate and their family members as designated by
Baird |
| • |
Shares
purchased from the proceeds of redemptions from another AB Mutual Fund,
provided (1) the repurchase occurs within 90 days following the
redemption, (2) the redemption and purchase occur in the same
accounts, and (3) redeemed shares were subject to a front-end or
deferred sales charge (known as rights of
reinstatement) |
| • |
A
shareholder in the Portfolio’s Class C shares will have their shares
converted at net asset value to Class A shares of the Portfolio if
the shares are no longer subject to a CDSC and the conversion is in line
with the policies and procedures of Baird |
| • |
Employer-sponsored
retirement plans or charitable accounts in a transactional brokerage
account at Baird, including 401(k) plans, 457 plans, employer-sponsored
403(b) plans, profit sharing and money purchase pension plans and defined
benefit plans. For purposes of this provision, employer-sponsored
retirement plans do not include SEP IRAs, Simple IRAs or
SAR-SEPs |
| • |
Shares
sold due to death or disability of the
shareholder |
| • |
Shares
sold as part of a systematic withdrawal plan as described in the
Portfolio’s Prospectus |
| • |
Shares
bought due to returns of excess contributions from an IRA
account |
| • |
Shares
sold as part of a required minimum distribution for IRA and retirement
accounts due to the shareholder reaching the required age based on
applicable rules |
| • |
Shares
sold to pay Baird fees but only if the transaction is initiated by
Baird |
| • |
Shares
acquired through a right of reinstatement |
| • |
Breakpoints
as described in the Prospectus |
| • |
Rights
of Accumulation which entitle shareholders to breakpoint discounts will be
automatically calculated based on the aggregated holding of AB Mutual Fund
assets held by accounts within the purchaser’s household at Baird.
Eligible AB Mutual Fund assets not held at Baird may be included in the
Rights of Accumulation calculation only if the shareholder notifies his or
her financial advisor about such assets |
| • |
Letters
of Intent (LOI) allow for breakpoint discounts based on anticipated
purchases of AB Mutual Funds through Baird, over a 13-month period of
time |
| • |
Class
C shares that have been held for more than seven (7) years will be
converted to Class A shares of the same Portfolio pursuant to
Stifel’s policies and procedures |
| • |
Class C
(i.e., level-load) shares that are
no longer subject to a contingent deferred sales charge are systematically
converted to the Class A shares of the same fund pursuant to USBI’s
share class exchange policy |
| • |
Shares
exchanged from Class C (i.e.,
level-load) shares that are no longer subject to a CDSC and are exchanged
into Class A shares of the same fund pursuant to J.P. Morgan
Securities LLC’s share class exchange policy |
| • |
Qualified
employer-sponsored defined contribution and defined benefit retirement
plans, nonqualified deferred compensation plans, other employee benefit
plans and trusts used to fund those plans. For purposes of this provision,
such plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or 501(c)(3)
accounts |
| • |
Shares
of funds purchased through J.P. Morgan Securities LLC Self-Directed
Investing accounts |
| • |
Shares
purchased through rights of reinstatement |
| • |
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same fund (but not any other
fund within the fund family) |
| • |
Shares
purchased by employees and registered representatives of J.P. Morgan
Securities LLC or its affiliates and their spouse or financial dependent
as defined by J.P. Morgan Securities LLC |
| • |
A
shareholder in the Portfolio’s Class C shares will have their shares
converted by J.P. Morgan Securities LLC to Class A shares (or the
appropriate share class) of the same Portfolio if the shares are no longer
subject to a CDSC and the conversion is consistent with J.P. Morgan
Securities LLC’s policies and procedures |
| • |
Shares
sold upon the death or disability of the
shareholder |
| • |
Shares
sold as part of a systematic withdrawal plan as described in the
Portfolio’s Prospectus |
| • |
Shares
purchased in connection with a return of excess contributions from an IRA
account |
| • |
Shares
sold as part of a required minimum distribution for IRA and retirement
accounts pursuant to the Internal Revenue Code |
| • |
Shares
acquired through a right of reinstatement |
| • |
Breakpoints
as described in the Prospectus |
| • |
Rights
of Accumulation (“ROA”) which entitle shareholders to breakpoint discounts
as described in the Portfolio’s Prospectus will be automatically
calculated based on the aggregated holding of fund family assets held by
accounts within the purchaser’s household at J.P. Morgan Securities LLC.
Eligible fund family assets not held at J.P. Morgan Securities LLC
(including 529 program holdings, where applicable) may be included in the
ROA calculation only if the shareholder notifies their financial advisor
about such assets |
| • |
Letters
of Intent which allow for breakpoint discounts based on anticipated
purchases within a fund family, through J.P. Morgan Securities LLC, over a
13-month period of time (if applicable) |
| • |
ANNUAL/SEMI-ANNUAL
REPORTS TO SHAREHOLDERS AND FORM N-CSR |
| • |
STATEMENT
OF ADDITIONAL INFORMATION (SAI) |
| By Mail: |
c/o
AllianceBernstein Investor Services, Inc.
P.O.
Box 786003
San
Antonio, TX 78278-6003 |
|||
| By Phone: |
For
Information: (800) 221-5672
For
Literature: (800) 227-4618 |
|||
| On the Internet: | www.abfunds.com | |||
| Fund | SEC File No. | ||||
|
AB
Municipal Income Fund, Inc. |
811-04791 | ||||
|
AB
Municipal Income Fund II |
811-07618 | ||||
