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)

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

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		Page
SUMMARY INFORMATION			4
AB National Portfolio			4
AB High Income Municipal Portfolio			9
AB California Portfolio			14
AB Arizona Portfolio			18
AB Massachusetts Portfolio			22
AB Minnesota Portfolio			26
AB New Jersey Portfolio			30
AB New York Portfolio			34
AB Ohio Portfolio			38
AB Pennsylvania Portfolio			42
AB Virginia Portfolio			46
ADDITIONAL INFORMATION ABOUT THE PORTFOLIOS’ STRATEGIES, RISKS AND INVESTMENTS			51
INVESTING IN THE PORTFOLIOS			60
How to Buy Shares			60
The Different Share Class Expenses			62
Sales Charge Reduction Programs for Class A Shares			63
CDSC Waivers and Other Programs			64
Choosing a Share Class			65
Payments to Financial Advisors and Their Firms			65
How to Exchange Shares			67
How to Sell or Redeem Shares			67
Frequent Purchases and Redemptions of Portfolio Shares			67
How the Portfolios Value Their Shares			69
MANAGEMENT OF THE PORTFOLIOS			70
DIVIDENDS, DISTRIBUTIONS AND TAXES			72
GENERAL INFORMATION			74
GLOSSARY			75
FINANCIAL HIGHLIGHTS			76
APPENDIX A—HYPOTHETICAL INVESTMENT AND EXPENSE INFORMATION			A-1
APPENDIX B—FINANCIAL INTERMEDIARY WAIVERS			B-1

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		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			.03%				.03%				.03%
Total Other Expenses			.07%				.07%				.07%
Total Annual Portfolio Operating Expenses Before Waiver			.77%				1.52%				.52%
Fee Waiver and/or Expense Reimbursement(b)			(.02)%				(.02)%				(.02)%
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement			.75%				1.50%				.50%

(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)

The fee waiver and/or expense reimbursement agreement will remain in effect until September 30, 2023 and may only be terminated or changed with the consent of the Portfolio’s Board of Directors. In addition, the agreement will be automatically extended for one-year terms thereafter unless the Adviser provides notice of termination to the Portfolio at least 60 days prior to the end of the period.

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		Class A				Class C				Advisor Class
After 1 Year		$	374			$	253	*		$	51
After 3 Years		$	537			$	478			$	165
After 5 Years		$	713			$	827			$	289
After 10 Years		$	1,224			$	1,608			$	651

*	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 bond market fluctuates. 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. The Portfolio may be subject to a greater risk of rising interest rates than would normally be the case due to the end of the recent period of historically low rates and the effect of potential central bank monetary policy, and government fiscal policy, initiatives and resulting market reactions to those initiatives.

•

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. For example, the novel coronavirus (COVID-19) pandemic has significantly stressed the financial resources of many issuers of municipal securities, which could impair any such issuer’s ability to meet its financial obligations when due and adversely impact the value of its securities held by the Portfolio. As the full effects of

---

the COVID-19 pandemic on state and local economies and on issuers of municipal securities are still uncertain, the financial difficulties of issuers of municipal securities may worsen, adversely affecting the performance of the Portfolio. 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 instrument, 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			-0.57%				3.39%				3.37%
		Return After Taxes on Distributions			-0.58%				3.37%				3.35%
		Return After Taxes on Distributions and Sale of Portfolio Shares			0.42%				3.19%				3.27%
Class C		Return Before Taxes			0.83%				3.24%				2.93%
Advisor Class		Return Before Taxes			2.76%				4.28%				3.95%
Bloomberg Municipal Bond Index (reflects no deduction for fees, expenses or taxes)					1.52%				4.17%				3.72%

*	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 September 2022		Senior Vice President of the Adviser
Terrance T. Hults		Since 1995		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

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		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)		3.00%		None		None		None
Maximum Deferred Sales Charge (Load) (as a percentage of offering price or redemption proceeds, whichever is lower)		None		1.00%(a)		None		None
Exchange Fee		None		None		None		None

		Class A				Class C				Advisor Class				Class Z
Management Fees			.48%				.48%				.48%				.48%
Distribution and/or Service (12b-1) Fees			.25%				1.00%				None				None
Other Expenses:
Transfer Agent			.03%				.03%				.03%				.02%
Interest Expense			.07%				.07%				.07%				.07%
Other Expenses			.02%				.02%				.02%				.02%
Total Other Expenses			.12%				.12%				.12%				.11%
Total Annual Portfolio Operating Expenses Including Interest Expense(b)			.85%				1.60%				.60%				.59%

(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)	If interest expense were excluded, Total Annual Portfolio Operating Expenses would be as follows:

Class A				Class C				Advisor Class				Class Z
	.78%				1.53%				.53%				.52%

		Class A				Class C				Advisor Class				Class Z
After 1 Year		$	384			$	263	*		$	61			$	60
After 3 Years		$	563			$	505			$	192			$	189
After 5 Years		$	757			$	871			$	335			$	329
After 10 Years		$	1,318			$	1,699			$	750			$	738

*	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 bond market fluctuates. 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. The Portfolio may be subject to a greater risk of rising interest rates than would normally be the case due to the end of the recent period of historically low rates and the effect of potential central bank monetary policy, and government fiscal policy, initiatives and resulting market reactions to those initiatives.

•

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. For example, the novel coronavirus (COVID-19) pandemic has significantly stressed the financial resources of many issuers of municipal securities, which could impair any such issuer’s ability to meet its financial obligations when due and adversely impact the value of its securities held by the Portfolio. As the full effects of the COVID-19 pandemic on state and local economies and on issuers of municipal securities are still uncertain, the financial difficulties of issuers of municipal securities may worsen, adversely affecting the performance of the Portfolio. 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 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 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 instrument, 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			3.05%				5.78%				5.77%
		Return After Taxes on Distributions			2.93%				5.70%				5.69%
		Return After Taxes on Distributions and Sale of Portfolio Shares			2.96%				5.27%				5.40%
Class C		Return Before Taxes			4.44%				5.62%				5.32%
Advisor Class		Return Before Taxes			6.50%				6.68%				6.38%
Class Z**		Return Before Taxes			6.50%				6.70%				6.36%
Bloomberg Municipal Bond Index (reflects no deduction for fees, expenses or taxes)					1.52%				4.17%				3.72%

*	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 Class Z shares: 9/28/2018. Performance information for periods prior to the inception of Class Z shares is the performance of the Portfolio’s Class A shares adjusted to reflect the expenses of Class Z shares.

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Employee		Length of Service		Title
Daryl Clements		Since September 2022		Senior Vice President of the Adviser
Terrance T. Hults		Since 2010		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

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		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			.02%				.02%				.02%
Other Expenses			.04%				.04%				.04%
Total Other Expenses			.06%				.06%				.06%
Total Annual Portfolio Operating Expenses Before Waiver			.76%				1.51%				.51%
Fee Waiver and/or Expense Reimbursement(b)			(.01)%				(.01)%				(.01)%
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement			.75%				1.50%				.50%

(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)

The fee waiver and/or expense reimbursement agreement will remain in effect until September 30, 2023 and may only be terminated or changed with the consent of the Portfolio’s Board of Directors. In addition, the 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		$	374			$	253	*		$	51
After 3 Years		$	535			$	476			$	163
After 5 Years		$	709			$	823			$	284
After 10 Years		$	1,213			$	1,598			$	640

*	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 bond market fluctuates. 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. The Portfolio may be subject to a greater risk of rising interest rates than would normally be the case due to the end of the recent period of historically low rates and the effect of potential central bank monetary policy, and government fiscal policy, initiatives and resulting market reactions to those initiatives.

•

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). For example, the novel coronavirus (COVID-19) pandemic has significantly stressed the financial resources of many issuers of municipal securities, which could impair any such issuer’s ability to meet its financial obligations when due and adversely impact the value of its securities held by the Portfolio. As the full effects of the COVID-19 pandemic on state and local economies and on issuers of municipal securities are still uncertain, the financial difficulties of issuers of municipal securities may worsen, adversely affecting the performance of the Portfolio. 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 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 instrument, 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			-1.00%				3.25%				3.34%
		Return After Taxes on Distributions			-1.02%				3.24%				3.32%
		Return After Taxes on Distributions and Sale of Portfolio Shares			0.19%				3.15%				3.29%
Class C		Return Before Taxes			0.34%				3.13%				2.90%
Advisor Class		Return Before Taxes			2.36%				4.14%				3.93%
Bloomberg Municipal Bond Index (reflects no deduction for fees, expenses or taxes)					1.52%				4.17%				3.72%

*	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 September 2022		Senior Vice President of the Adviser
Terrance T. Hults		Since 1995		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			.26%				.26%				.26%
Total Other Expenses			.29%				.29%				.29%
Total Annual Portfolio Operating Expenses Before Waiver			.99%				1.74%				.74%
Fee Waiver and/or Expense Reimbursement(b)			(.21)%				(.21)%				(.21)%
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)

The fee waiver and/or expense reimbursement agreement will remain in effect until September 30, 2023 and may only be terminated or changed with the consent of the Portfolio’s Board of Trustees. In addition, the 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		$	377			$	256	*		$	54
After 3 Years		$	586			$	528			$	215
After 5 Years		$	811			$	924			$	391
After 10 Years		$	1,458			$	1,836			$	899

*	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 bond market fluctuates. 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. The Portfolio may be subject to a greater risk of rising interest rates than would normally be the case due to the end of the recent period of historically low rates and the effect of potential central bank monetary policy, and government fiscal policy, initiatives and resulting market reactions to those initiatives.

•

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). For example, the novel coronavirus (COVID-19) pandemic has significantly stressed the financial resources of many issuers of municipal securities, which could impair any such issuer’s ability to meet its financial obligations when due and adversely impact the value of its securities held by the Portfolio. As the full effects of the COVID-19 pandemic on state and local economies and on issuers of municipal securities are still uncertain, the financial difficulties of issuers of municipal securities may worsen, adversely affecting the performance of the Portfolio. 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 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 instrument, 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			-0.74%				2.98%				3.12%
		Return After Taxes on Distributions			-0.76%				2.97%				3.11%
		Return After Taxes on Distributions and Sale of Portfolio Shares			0.46%				2.91%				3.10%
Class C		Return Before Taxes			0.54%				2.85%				2.69%
Advisor Class**		Return Before Taxes			2.57%				3.88%				3.70%
Bloomberg Municipal Bond Index (reflects no deduction for fees, expenses or taxes)					1.52%				4.17%				3.72%

*	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 September 2022		Senior Vice President of the Adviser
Terrance T. Hults		Since 1995		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			.02%				.02%				.02%
Other Expenses			.15%				.15%				.15%
Total Other Expenses			.17%				.17%				.17%
Total Annual Portfolio Operating Expenses Before Waiver			.87%				1.62%				.62%
Fee Waiver and/or Expense Reimbursement(b)			(.10)%				(.10)%				(.10)%
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)

The fee waiver and/or expense reimbursement agreement will remain in effect until September 30, 2023 and may only be terminated or changed with the consent of the Portfolio’s Board of Trustees. In addition, the 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		$	376			$	255	*		$	53
After 3 Years		$	560			$	501			$	188
After 5 Years		$	758			$	872			$	336
After 10 Years		$	1,331			$	1,713			$	765

*	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 bond market fluctuates. 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. The Portfolio may be subject to a greater risk of rising interest rates than would normally be the case due to the end of the recent period of historically low rates and the effect of potential central bank monetary policy, and government fiscal policy, initiatives and resulting market reactions to those initiatives.

•

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). For example, the novel coronavirus (COVID-19) pandemic has significantly stressed the financial resources of many issuers of municipal securities, which could impair any such issuer’s ability to meet its financial obligations when due and adversely impact the value of its securities held by the Portfolio. As the full effects of the COVID-19 pandemic on state and local economies and on issuers of municipal securities are still uncertain, the financial difficulties of issuers of municipal securities may worsen, adversely affecting the performance of the Portfolio. 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 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 instrument, 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			-0.46%				3.07%				2.99%
		Return After Taxes on Distributions			-0.54%				3.00%				2.92%
		Return After Taxes on Distributions and Sale of Portfolio Shares			0.52%				2.92%				2.93%
Class C		Return Before Taxes			0.95%				2.92%				2.55%
Advisor Class**		Return Before Taxes			2.97%				3.97%				3.56%
Bloomberg Municipal Bond Index (reflects no deduction for fees, expenses or taxes)					1.52%				4.17%				3.72%

*	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 September 2022		Senior Vice President of the Adviser
Terrance T. Hults		Since 1995		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			.06%				.06%
Other Expenses			.51%				.51%
Total Other Expenses			.57%				.57%
Total Annual Portfolio Operating Expenses Before Waiver			1.27%				2.02%
Fee Waiver and/or Expense Reimbursement(b)			(.42)%				(.42)%
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)

The fee waiver and/or expense reimbursement agreement will remain in effect until September 30, 2023 and may only be terminated or changed with the consent of the Portfolio’s Board of Trustees. In addition, the 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		$	650			$	593
After 5 Years		$	937			$	1,049
After 10 Years		$	1,752			$	2,121

*	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 bond market fluctuates. 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. The Portfolio may be subject to a greater risk of rising interest rates than would normally be the case due to the end of the recent period of historically low rates and the effect of potential central bank monetary policy, and government fiscal policy, initiatives and resulting market reactions to those initiatives.

•

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). For example, the novel coronavirus (COVID-19) pandemic has significantly stressed the financial resources of many issuers of municipal securities, which could impair any such issuer’s ability to meet its financial obligations when due and adversely impact the value of its securities held by the Portfolio. As the full effects of the COVID-19 pandemic on state and local economies and on issuers of municipal securities are still uncertain, the financial difficulties of issuers of municipal securities may worsen, adversely affecting the performance of the Portfolio. 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 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 instrument, 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			-1.35%				2.82%				2.76%
		Return After Taxes on Distributions			-1.44%				2.74%				2.67%
		Return After Taxes on Distributions and Sale of Portfolio Shares			-0.06%				2.68%				2.70%
Class C		Return Before Taxes			-0.13%				2.67%				2.31%
Bloomberg Municipal Bond Index (reflects no deduction for fees, expenses or taxes)					1.52%				4.17%				3.72%

*	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 September 2022		Senior Vice President of the Adviser
Terrance T. Hults		Since 1995		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			.04%				.05%
Other Expenses			.41%				.39%
Total Other Expenses			.45%				.44%
Total Annual Portfolio Operating Expenses Before Waiver			1.15%				1.89%
Fee Waiver and/or Expense Reimbursement(b)			(.33)%				(.32)%
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)

The fee waiver and/or expense reimbursement agreement will remain in effect until September 30, 2023 and may only be terminated or changed with the consent of the Portfolio’s Board of Trustees. In addition, the 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		$	623			$	563
After 5 Years		$	883			$	992
After 10 Years		$	1,627			$	1,992

*	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 bond market fluctuates. 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. The Portfolio may be subject to a greater risk of rising interest rates than would normally be the case due to the end of the recent period of historically low rates and the effect of potential central bank monetary policy, and government fiscal policy, initiatives and resulting market reactions to those initiatives.

•

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). For example, the novel coronavirus (COVID-19) pandemic has significantly stressed the financial resources of many issuers of municipal securities, which could impair any such issuer’s ability to meet its financial obligations when due and adversely impact the value of its securities held by the Portfolio. As the full effects of the COVID-19 pandemic on state and local economies and on issuers of municipal securities are still uncertain, the financial difficulties of issuers of municipal securities may worsen, adversely affecting the performance of the Portfolio. 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 instrument, 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			-0.04%				3.71%				3.31%
		Return After Taxes on Distributions			-0.10%				3.69%				3.28%
		Return After Taxes on Distributions and Sale of Portfolio Shares			1.00%				3.54%				3.27%
Class C		Return Before Taxes			1.25%				3.53%				2.85%
Bloomberg Municipal Bond Index (reflects no deduction for fees, expenses or taxes)					1.52%				4.17%				3.72%

*	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 September 2022		Senior Vice President of the Adviser
Terrance T. Hults		Since 1995		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			.06%				.06%				.06%
Total Other Expenses			.09%				.09%				.09%
Total Annual Portfolio Operating Expenses Before Waiver			.79%				1.54%				.54%
Fee Waiver and/or Expense Reimbursement(b)			(.04)%				(.04)%				(.04)%
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement			.75%				1.50%				.50%

(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)

The fee waiver and/or expense reimbursement agreement will remain in effect until September 30, 2023 and may only be terminated or changed with the consent of the Portfolio’s Board of Directors. In addition, the 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		$	374			$	253	*		$	51
After 3 Years		$	541			$	483			$	169
After 5 Years		$	722			$	836			$	298
After 10 Years		$	1,245			$	1,629			$	673

*	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 bond market fluctuates. 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. The Portfolio may be subject to a greater risk of rising interest rates than would normally be the case due to the end of the recent period of historically low rates and the effect of potential central bank monetary policy, and government fiscal policy, initiatives and resulting market reactions to those initiatives.

•

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). For example, the novel coronavirus (COVID-19) pandemic has significantly stressed the financial resources of many issuers of municipal securities, which could impair any such issuer’s ability to meet its financial obligations when due and adversely impact the value of its securities held by the Portfolio. As the full effects of the COVID-19 pandemic on state and local economies and on issuers of municipal securities are still uncertain, the financial difficulties of issuers of municipal securities may worsen, adversely affecting the performance of the Portfolio. 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 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 instrument, 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			0.32%				3.23%				2.89%
		Return After Taxes on Distributions			0.32%				3.22%				2.88%
		Return After Taxes on Distributions and Sale of Portfolio Shares			1.01%				3.08%				2.88%
Class C		Return Before Taxes			1.59%				3.06%				2.45%
Advisor Class		Return Before Taxes			3.63%				4.09%				3.48%
Bloomberg Municipal Bond Index (reflects no deduction for fees, expenses or taxes)					1.52%				4.17%				3.72%

*	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 September 2022		Senior Vice President of the Adviser
Terrance T. Hults		Since 1995		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

---

The investment objective of the Portfolio is to earn the highest level of current income exempt from both federal income tax and State of Ohio personal income tax that is available without assuming what the Adviser considers to be undue risk.

FEES AND EXPENSES OF THE PORTFOLIO:

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. You may qualify for sales charge reductions if you and members of your family invest, or agree to invest in the future, at least $100,000 in AB Mutual Funds. More information about these and other discounts is available from your financial intermediary and in Investing in the Portfolios—Sales Charge Reduction Programs for Class A Shares on page 63 of this Prospectus, in Appendix B—Financial Intermediary Waivers of this Prospectus and in Purchase of Shares—Sales Charge Reduction Programs for Class A Shares on page 152 of the Portfolio’s Statement of Additional Information (“SAI”).

Shareholder Fees (fees paid directly from your investment)

		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

Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

		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			.40%				.40%
Total Other Expenses			.45%				.45%
Total Annual Portfolio Operating Expenses Before Waiver			1.15%				1.90%
Fee Waiver and/or Expense Reimbursement(b)			(.35)%				(.35)%
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement			.80%				1.55%

(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)

The fee waiver and/or expense reimbursement agreement will remain in effect until September 30, 2023 and may only be terminated or changed with the consent of the Portfolio’s Board of Trustees. In addition, the 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.

Examples

The Examples are intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Examples also assume that your investment has a 5% return each year, that the Portfolio’s operating expenses stay the same and that any fee waiver and/or expense limitation remains in effect for only the first year. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

 

		Class A				Class C
After 1 Year		$	379			$	258	*
After 3 Years		$	621			$	563
After 5 Years		$	881			$	994
After 10 Years		$	1,625			$	1,998

*	If you did not redeem your shares at the end of the period, your expenses would be decreased by approximately $100.

---

Portfolio Turnover

The Portfolio pays transaction costs, such as commissions, when it buys or sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These transaction costs, which are not reflected in the Annual Portfolio Operating Expenses or in the Examples, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 15% of the average value of its portfolio.

PRINCIPAL STRATEGIES:

The Portfolio pursues its objective by investing principally in high-yielding, predominantly investment grade municipal securities. As a matter of fundamental policy, the Portfolio invests, under normal circumstances, at least 80% of its net assets in municipal securities that pay interest that is exempt from federal income tax. These securities may pay interest that is subject to the federal alternative minimum tax (“AMT”) for certain taxpayers. As a matter of fundamental policy, the Portfolio invests, under normal circumstances, at least 80% of its net assets in municipal securities of Ohio or municipal securities with interest that is otherwise exempt from Ohio state income tax.

The Portfolio may also invest in:

  

•

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.

PRINCIPAL RISKS:

•

Market Risk: The value of the Portfolio’s assets will fluctuate as the bond market fluctuates. The value of the Portfolio’s investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, 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. The Portfolio may be subject to a greater risk of rising interest rates than would normally be the case due to the end of the recent period of historically low rates and the effect of potential central bank monetary policy, and government fiscal policy, initiatives and resulting market reactions to those initiatives.

•

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). For example, the novel coronavirus (COVID‑19) pandemic has significantly stressed the financial resources of many issuers of municipal securities, which could impair any such issuer’s ability to meet its financial obligations when due and adversely impact the value of its securities held by the Portfolio. As the full effects of the COVID‑19 pandemic on state and local economies and on issuers of municipal securities are still uncertain, the financial difficulties of issuers of municipal securities may worsen, adversely affecting the performance of the Portfolio. 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.

In addition, changes in tax rates or the treatment of income from certain types of municipal securities, among other things, could negatively affect the municipal securities markets. 

The Portfolio invests from time to time in the municipal securities of Puerto Rico and other U.S. territories and their governmental agencies and municipalities, which are exempt from federal, state, and, where applicable, local income taxes. These 

---

municipal securities may have more risks than those of other U.S. issuers of municipal securities. Puerto Rico continues to face a very challenging economic and fiscal environment, worsened by the spread of COVID‑19 and the adverse effect that related governmental and public responses have had on Puerto Rico’s economy. If the general economic situation in Puerto Rico continues to persist or worsens, the volatility and credit quality of Puerto Rican municipal securities could continue to be adversely affected, and the market for such securities may deteriorate further. 

•

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 instrument, 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.

As with all investments, you may lose money by investing in the Portfolio. 

BAR CHART AND PERFORMANCE INFORMATION:

The bar chart and performance information provide an indication of the historical risk of an investment in the Portfolio by showing:

  

•

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.

You may obtain updated performance information on the Portfolio’s website at www.abfunds.com (click on “Investments—Mutual Funds”). 

The Portfolio’s past performance before and after taxes, of course, does not necessarily indicate how it will perform in the future.

---

The annual returns in the bar chart are for the Portfolio’s Class A shares and do not reflect sales loads. If sales loads were reflected, returns would be less than those shown. Through June 30, 2022, the year‑to‑date unannualized return for Class A shares was ‑9.21%.

				1 Year				5 Years				10 Years
Class A*		Return Before Taxes			-0.48%				3.17%				2.78%
		Return After Taxes on Distributions			-0.49%				3.16%				2.75%
		Return After Taxes on Distributions and Sale of Portfolio Shares			0.62%				3.05%				2.79%
Class C		Return Before Taxes			0.84%				3.02%				2.34%
Bloomberg Municipal Bond Index (reflects no deduction for fees, expenses or taxes)					1.52%				4.17%				3.72%

*	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 September 2022		Senior Vice President of the Adviser
Terrance T. Hults		Since 1995		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

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		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			.43%				.43%
Total Other Expenses			.48%				.48%
Total Annual Portfolio Operating Expenses Before Waiver			1.18%				1.93%
Fee Waiver and/or Expense Reimbursement(b)			(.33)%				(.33)%
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)

The fee waiver and/or expense reimbursement agreement will remain in effect until September 30, 2023 and may only be terminated or changed with the consent of the Portfolio’s Board of Trustees. In addition, the 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		$	632			$	574
After 5 Years		$	899			$	1,011
After 10 Years		$	1,660			$	2,032

*	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 bond market fluctuates. 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. The Portfolio may be subject to a greater risk of rising interest rates than would normally be the case due to the end of the recent period of historically low rates and the effect of potential central bank monetary policy, and government fiscal policy, initiatives and resulting market reactions to those initiatives.

•

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). For example, the novel coronavirus (COVID‑19) pandemic has significantly stressed the financial resources of many issuers of municipal securities, which could impair any such issuer’s ability to meet its financial obligations when due and adversely impact the value of its securities held by the Portfolio. As the full effects of the COVID‑19 pandemic on state and local economies and on issuers of municipal securities are still uncertain, the financial difficulties of issuers of municipal securities may worsen, adversely affecting the performance of the Portfolio. 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 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 instrument, 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			-0.06%				3.38%				3.14%
		Return After Taxes on Distributions			-0.09%				3.36%				3.10%
		Return After Taxes on Distributions and Sale of Portfolio Shares			0.93%				3.24%				3.08%
Class C		Return Before Taxes			1.11%				3.23%				2.69%
Bloomberg Municipal Bond Index (reflects no deduction for fees, expenses or taxes)					1.52%				4.17%				3.72%

*	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 September 2022		Senior Vice President of the Adviser
Terrance T. Hults		Since 1995		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			.02%				.03%				.02%
Other Expenses			.14%				.13%				.14%
Total Other Expenses			.16%				.16%				.16%
Total Annual Portfolio Operating Expenses Before Waiver			.86%				1.61%				.61%
Fee Waiver and/or Expense Reimbursement(b)			(.06)%				(.06)%				(.06)%
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)

The fee waiver and/or expense reimbursement agreement will remain in effect until September 30, 2023 and may only be terminated or changed with the consent of the Portfolio’s Board of Trustees. In addition, the 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	*		$	55
After 3 Years		$	560			$	502			$	188
After 5 Years		$	757			$	870			$	333
After 10 Years		$	1,324			$	1,705			$	755

*	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 bond market fluctuates. 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. The Portfolio may be subject to a greater risk of rising interest rates than would normally be the case due to the end of the recent period of historically low rates and the effect of potential central bank monetary policy, and government fiscal policy, initiatives and resulting market reactions to those initiatives.

•

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). For example, the novel coronavirus (COVID‑19) pandemic has significantly stressed the financial resources of many issuers of municipal securities, which could impair any such issuer’s ability to meet its financial obligations when due and adversely impact the value of its securities held by the Portfolio. As the full effects of the COVID‑19 pandemic on state and local economies and on issuers of municipal securities are still uncertain, the financial difficulties of issuers of municipal securities may worsen, adversely affecting the performance of the Portfolio. 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 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 instrument, 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			-0.59%				3.17%				3.06%
		Return After Taxes on Distributions			-0.61%				3.15%				3.01%
		Return After Taxes on Distributions and Sale of Portfolio Shares			0.45%				3.02%				2.98%
Class C		Return Before Taxes			0.74%				3.03%				2.63%
Advisor Class**		Return Before Taxes			2.67%				4.06%				3.64%
Bloomberg Municipal Bond Index (reflects no deduction for fees, expenses or taxes)					1.52%				4.17%				3.72%

*	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 September 2022		Senior Vice President of the Adviser
Terrance T. Hults		Since 1995		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

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•

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

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Portfolio		Insured Bonds					Pre‑Refunded Bonds
AB National Portfolio				5.08	%				0.09	%
AB High Income Portfolio				1.43					0.00
AB California Portfolio				4.21					0.53
AB Arizona Portfolio				0.33					0.00
AB Massachusetts Portfolio				5.86					0.00
AB Minnesota Portfolio				0.58					0.00
AB New Jersey Portfolio				18.78					3.94
AB New York Portfolio				0.83					0.00
AB Ohio Portfolio				2.21					0.00
AB Pennsylvania Portfolio				10.68					4.02
AB Virginia Portfolio				2.56					0.00

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•

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:

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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 option is based on the difference between the yields of designated securities, 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.

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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.

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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 or rates (e.g., interest rates in the case of interest rate swaps) 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

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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 increase the amount of taxable distributions received by shareholders.

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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.

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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.

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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

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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.

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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

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traditional and Roth IRAs (the minimums listed in the table above apply);

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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);

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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.

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		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 Global Wealth Management Division, including subsequent contributions to those IRAs;

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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.

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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 72; 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.

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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.

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•

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.

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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

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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).

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Portfolio		Fee as a Percentage of Average Daily Net Assets*
AB National Portfolio				.43	%
AB High Income Municipal Portfolio				.48	%
AB California Portfolio				.44	%
AB Arizona Portfolio				.24	%
AB Massachusetts Portfolio				.35	%
AB Minnesota Portfolio				.03	%
AB New Jersey Portfolio				.12	%
AB New York Portfolio				.41	%
AB Ohio Portfolio				.11	%
AB Pennsylvania Portfolio				.12	%
AB Virginia Portfolio				.39	%

*	Fees are stated net of any waivers and/or reimbursements. 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 September 2022; Senior Vice President		Senior Vice President of the Adviser, with which he has been associated since prior to 2017.
Terrance T. Hults; since 1995 (since 2010 for AB High Income Municipal Portfolio); Senior Vice President		Senior Vice President of the Adviser, with which he has been associated in a substantially similar capacity since prior to 2017.
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 2017.
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 2017.

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		CLASS A
		Year Ended May 31,
		2022				2021				2020				2019				2018
Net asset value, beginning of period		$	10.77			$	10.20			$	10.38			$	10.15			$	10.30
Income From Investment Operations
Net investment income(a)(b)			.22				.23				.27				.29				.30
Net realized and unrealized gain (loss) on investment transactions			(.91	)			.58				(.19	)			.23				(.15	)
Net increase (decrease) in net asset value from operations			(.69	)			.81				.08				.52				.15
Less: Dividends
Dividends from net investment income			(.20	)			(.24	)			(.26	)			(.29	)			(.30	)
Net asset value, end of period		$	9.88			$	10.77			$	10.20			$	10.38			$	10.15
Total Return
Total investment return based on net asset value(c)			(6.45	)%			8.00	%			.80	%			5.23	%			1.48	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	508,814			$	590,789			$	549,816			$	572,911			$	585,549
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)			.75	%			.75	%			.75	%			.75	%			.75	%
Expenses, before waivers/reimbursements(d)			.77	%			.78	%			.78	%			.79	%			.80	%
Net investment income(a)			2.05	%			2.21	%			2.57	%			2.87	%			2.93	%
Portfolio turnover rate			12	%			24	%			28	%			19	%			18	%

		CLASS C
		Year Ended May 31,
		2022				2021				2020				2019				2018
Net asset value, beginning of period		$	10.76			$	10.19			$	10.37			$	10.14			$	10.29
Income From Investment Operations
Net investment income(a)(b)			.14				.16				.19				.21				.22
Net realized and unrealized gain (loss) on investment transactions			(.90	)			.57				(.18	)			.24				(.15	)
Net increase (decrease) in net asset value from operations			(.76	)			.73				.01				.45				.07
Less: Dividends
Dividends from net investment income			(.13	)			(.16	)			(.19	)			(.22	)			(.22	)
Net asset value, end of period		$	9.87			$	10.76			$	10.19			$	10.37			$	10.14
Total Return
Total investment return based on net asset value(c)			(7.16	)%			7.20	%			.05	%			4.45	%			.72	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	32,583			$	52,879			$	64,573			$	75,942			$	89,963
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	%			1.53	%			1.54	%			1.54	%			1.55	%
Net investment income(a)			1.30	%			1.48	%			1.82	%			2.12	%			2.19	%
Portfolio turnover rate			12	%			24	%			28	%			19	%			18	%

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		ADVISOR CLASS
		Year Ended May 31,
		2022				2021				2020				2019				2018
Net asset value, beginning of period		$	10.77			$	10.20			$	10.38			$	10.15			$	10.30
Income From Investment Operations
Net investment income(a)(b)			.24				.26				.29				.31				.32
Net realized and unrealized gain (loss) on investment transactions			(.90	)			.58				(.18	)			.24				(.14	)
Net increase (decrease) in net asset value from operations			(.66	)			.84				.11				.55				.18
Less: Dividends
Dividends from net investment income			(.23	)			(.27	)			(.29	)			(.32	)			(.33	)
Net asset value, end of period		$	9.88			$	10.77			$	10.20			$	10.38			$	10.15
Total Return
Total investment return based on net asset value(c)			(6.22	)%			8.27	%			1.05	%			5.49	%			1.73	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	1,270,573			$	1,209,849			$	1,001,776			$	853,908			$	656,958
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)			.50	%			.50	%			.50	%			.50	%			.50	%
Expenses, before waivers/reimbursements(d)			.52	%			.53	%			.53	%			.54	%			.55	%
Net investment income(a)			2.31	%			2.45	%			2.81	%			3.11	%			3.18	%
Portfolio turnover rate			12	%			24	%			28	%			19	%			18	%

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		CLASS A
		Year Ended May 31,
		2022				2021				2020				2019				2018
Net asset value, beginning of period		$	12.25			$	10.90			$	11.65			$	11.39			$	11.34
Income From Investment Operations
Net investment income(a)(b)			.37				.39				.42				.43				.45
Net realized and unrealized gain (loss) on investment transactions			(1.29	)			1.36				(.74	)			.30				.05
Contributions from affiliates			.00	(e)			– 0 –				– 0 –				– 0 –				– 0 –
Net increase (decrease) in net asset value from operations			(.92	)			1.75				(.32	)			.73				.50
Less: Dividends
Dividends from net investment income			(.37	)			(.40	)			(.43	)			(.47	)			(.45	)
Net asset value, end of period		$	10.96			$	12.25			$	10.90			$	11.65			$	11.39
Total Return
Total investment return based on net asset value(c)			(7.68	)%			16.40	%			(2.97	)%			6.64	%			4.50	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	769,846			$	899,274			$	680,380			$	754,555			$	755,327
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)			.85	%			.85	%			.85	%			.87	%			.87	%
Expenses, before waivers/reimbursements(d)			.85	%			.85	%			.85	%			.88	%			.88	%
Net investment income(a)			3.06	%			3.27	%			3.59	%			3.81	%			3.95	%
Portfolio turnover rate			16	%			16	%			22	%			23	%			22	%

		CLASS C
		Year Ended May 31,
		2022				2021				2020				2019				2018
Net asset value, beginning of period		$	12.25			$	10.89			$	11.65			$	11.39			$	11.33
Income From Investment Operations
Net investment income(a)(b)			.28				.30				.33				.35				.36
Net realized and unrealized gain (loss) on investment transactions			(1.30	)			1.38				(.74	)			.30				.07
Contributions from affiliates			.00	(e)			– 0 –				– 0 –				– 0 –				– 0 –
Net increase (decrease) in net asset value from operations			(1.02	)			1.68				(.41	)			.65				.43
Less: Dividends
Dividends from net investment income			(.28	)			(.32	)			(.35	)			(.39	)			(.37	)
Net asset value, end of period		$	10.95			$	12.25			$	10.89			$	11.65			$	11.39
Total Return
Total investment return based on net asset value(c)			(8.46	)%			15.53	%			(3.69	)%			5.85	%			3.82	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	113,046			$	177,019			$	217,533			$	273,186			$	290,311
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)			1.60	%			1.60	%			1.60	%			1.62	%			1.62	%
Expenses, before waivers/reimbursements(d)			1.60	%			1.61	%			1.60	%			1.63	%			1.63	%
Net investment income(a)			2.30	%			2.54	%			2.85	%			3.06	%			3.20	%
Portfolio turnover rate			16	%			16	%			22	%			23	%			22	%

---

		ADVISOR CLASS
		Year Ended May 31,
		2022				2021				2020				2019				2018
Net asset value, beginning of period		$	12.25			$	10.89			$	11.65			$	11.38			$	11.33
Income From Investment Operations
Net investment income(a)(b)			.40				.42				.45				.46				.48
Net realized and unrealized gain (loss) on investment transactions			(1.30	)			1.37				(.75	)			.31				.05
Contributions from affiliates			.00	(e)			– 0 –				– 0 –				– 0 –				– 0 –
Net increase (decrease) in net asset value from operations			(.90	)			1.79				(.30	)			.77				.53
Less: Dividends
Dividends from net investment income			(.40	)			(.43	)			(.46	)			(.50	)			(.48	)
Net asset value, end of period		$	10.95			$	12.25			$	10.89			$	11.65			$	11.38
Total Return
Total investment return based on net asset value(c)			(7.53	)%			16.70	%			(2.72	)%			7.00	%			4.76	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	2,609,004			$	2,618,340			$	1,872,364			$	1,975,651			$	1,593,859
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)			.60	%			.60	%			.60	%			.62	%			.62	%
Expenses, before waivers/reimbursements(d)			.60	%			.60	%			.60	%			.63	%			.63	%
Net investment income(a)			3.32	%			3.52	%			3.84	%			4.05	%			4.20	%
Portfolio turnover rate			16	%			16	%			22	%			23	%			22	%

		CLASS Z
		Year Ended May 31,												October 1, 2018(f) to May 31, 2019
		2022				2021				2020
Net asset value, beginning of period		$	12.26			$	10.90			$	11.65			$	11.27
Income From Investment Operations
Net investment income(a)(b)			.40				.42				.43				.31
Net realized and unrealized gain (loss) on investment transactions			(1.30	)			1.37				(.71	)			.42
Contributions from affiliates			.00	(e)			– 0 –				– 0 –				– 0 –
Net increase (decrease) in net asset value from operations			(.90	)			1.79				(.28	)			.73
Less: Dividends
Dividends from net investment income			(.40	)			(.43	)			(.47	)			(.35	)
Net asset value, end of period		$	10.96			$	12.26			$	10.90			$	11.65
Total Return
Total investment return based on net asset value(c)			(7.52	)%			16.69	%			(2.60	)%			6.59	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	1,231			$	1,845			$	2,085			$	10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)			.59	%			.59	%			.60	%			.65	%^
Expenses, before waivers/reimbursements(d)			.59	%			.59	%			.61	%			.65	%^
Net investment income(a)			3.32	%			3.55	%			4.11	%			4.11	%^
Portfolio turnover rate			16	%			16	%			22	%			23	%

---

		CLASS A
		Year Ended May 31,
		2022				2021				2020				2019				2018
Net asset value, beginning of period		$	11.57			$	10.96			$	11.21			$	11.06			$	11.25
Income From Investment Operations
Net investment income(a)(b)			.24				.29				.33				.37				.37
Net realized and unrealized gain (loss) on investment transactions			(.99	)			.61				(.25	)			.15				(.20	)
Net increase (decrease) in net asset value from operations			(.75	)			.90				.08				.52				.17
Less: Dividends
Dividends from net investment income			(.22	)			(.29	)			(.33	)			(.37	)			(.36	)
Net asset value, end of period		$	10.60			$	11.57			$	10.96			$	11.21			$	11.06
Total Return
Total investment return based on net asset value(c)			(6.57	)%			8.30	%			.68	%			4.84	%			1.55	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	481,440			$	547,704			$	494,992			$	482,499			$	465,581
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)			.75	%			.75	%			.75	%			.75	%			.76	%
Expenses, before waivers/reimbursements(d)			.76	%			.77	%			.78	%			.80	%			.80	%
Net investment income(a)			2.09	%			2.54	%			2.96	%			3.38	%			3.28	%
Portfolio turnover rate			17	%			23	%			16	%			13	%			14	%

		CLASS C
		Year Ended May 31,
		2022				2021				2020				2019				2018
Net asset value, beginning of period		$	11.56			$	10.96			$	11.21			$	11.05			$	11.24
Income From Investment Operations
Net investment income(a)(b)			.15				.20				.25				.29				.28
Net realized and unrealized gain (loss) on investment transactions			(.97	)			.61				(.26	)			.16				(.19	)
Net increase (decrease) in net asset value from operations			(.82	)			.81				(.01	)			.45				.09
Less: Dividends
Dividends from net investment income			(.14	)			(.21	)			(.24	)			(.29	)			(.28	)
Net asset value, end of period		$	10.60			$	11.56			$	10.96			$	11.21			$	11.05
Total Return
Total investment return based on net asset value(c)			(7.19	)%			7.40	%			(.08	)%			4.15	%			.79	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	28,401			$	41,511			$	42,622			$	44,421			$	48,977
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)			1.50	%			1.50	%			1.50	%			1.50	%			1.51	%
Expenses, before waivers/reimbursements(d)			1.51	%			1.52	%			1.53	%			1.55	%			1.55	%
Net investment income(a)			1.33	%			1.80	%			2.21	%			2.63	%			2.53	%
Portfolio turnover rate			17	%			23	%			16	%			13	%			14	%

---

		ADVISOR CLASS
		Year Ended May 31,
		2022				2021				2020				2019				2018
Net asset value, beginning of period		$	11.57			$	10.96			$	11.21			$	11.06			$	11.25
Income From Investment Operations
Net investment income(a)(b)			.26				.32				.36				.40				.39
Net realized and unrealized gain (loss) on investment transactions			(.98	)			.61				(.26	)			.15				(.19	)
Net increase (decrease) in net asset value from operations			(.72	)			.93				.10				.55				.20
Less: Dividends
Dividends from net investment income			(.25	)			(.32	)			(.35	)			(.40	)			(.39	)
Net asset value, end of period		$	10.60			$	11.57			$	10.96			$	11.21			$	11.06
Total Return
Total investment return based on net asset value(c)			(6.34	)%			8.57	%			.93	%			5.10	%			1.80	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	464,558			$	451,056			$	381,036			$	279,106			$	184,599
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)			.50	%			.50	%			.50	%			.51	%			.51	%
Expenses, before waivers/reimbursements(d)			.51	%			.52	%			.53	%			.55	%			.55	%
Net investment income(a)			2.34	%			2.78	%			3.20	%			3.63	%			3.52	%
Portfolio turnover rate			17	%			23	%			16	%			13	%			14	%

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		CLASS A
		Year Ended May 31,
		2022				2021				2020				2019				2018
Net asset value, beginning of period		$	10.34			$	9.70			$	10.05			$	9.82			$	10.01
Income From Investment Operations
Net investment income(a)(b)			.22				.23				.26				.29				.28
Net realized and unrealized gain (loss) on investment transactions			(.86	)			.65				(.35	)			.23				(.19	)
Net increase (decrease) in net asset value from operations			(.64	)			.88				(.09	)			.52				.09
Less: Dividends
Dividends from net investment income			(.21	)			(.24	)			(.26	)			(.29	)			(.28	)
Net asset value, end of period		$	9.49			$	10.34			$	9.70			$	10.05			$	9.82
Total Return
Total investment return based on net asset value(c)			(6.29	)%			9.13	%			(.92	)%			5.37	%			.95	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	380,361			$	421,752			$	414,853			$	440,361			$	428,147
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)			.75	%			.75	%			.75	%			.76	%			.75	%
Expenses, before waivers/reimbursements(d)			.79	%			.80	%			.80	%			.82	%			.81	%
Net investment income(a)			2.17	%			2.31	%			2.64	%			2.92	%			2.86	%
Portfolio turnover rate			16	%			22	%			23	%			15	%			11	%

		CLASS C
		Year Ended May 31,
		2022				2021				2020				2019				2018
Net asset value, beginning of period		$	10.33			$	9.69			$	10.04			$	9.81			$	10.01
Income From Investment Operations
Net investment income(a)(b)			.14				.16				.19				.21				.21
Net realized and unrealized gain (loss) on investment transactions			(.85	)			.64				(.35	)			.23				(.20	)
Net increase (decrease) in net asset value from operations			(.71	)			.80				(.16	)			.44				.01
Less: Dividends
Dividends from net investment income			(.13	)			(.16	)			(.19	)			(.21	)			(.21	)
Net asset value, end of period		$	9.49			$	10.33			$	9.69			$	10.04			$	9.81
Total Return
Total investment return based on net asset value(c)			(6.91	)%			8.33	%			(1.66	)%			4.59	%			.09	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	24,089			$	39,563			$	44,221			$	51,764			$	61,179
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)			1.50	%			1.50	%			1.50	%			1.51	%			1.50	%
Expenses, before waivers/reimbursements(d)			1.54	%			1.55	%			1.55	%			1.57	%			1.56	%
Net investment income(a)			1.41	%			1.56	%			1.89	%			2.18	%			2.11	%
Portfolio turnover rate			16	%			22	%			23	%			15	%			11	%

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		ADVISOR CLASS
		Year Ended May 31,
		2022				2021				2020				2019				2018
Net asset value, beginning of period		$	10.34			$	9.70			$	10.05			$	9.82			$	10.02
Income From Investment Operations
Net investment income(a)(b)			.25				.26				.29				.31				.31
Net realized and unrealized gain (loss) on investment transactions			(.87	)			.64				(.35	)			.23				(.20	)
Net increase (decrease) in net asset value from operations			(.62	)			.90				(.06	)			.54				.11
Less: Dividends
Dividends from net investment income			(.23	)			(.26	)			(.29	)			(.31	)			(.31	)
Net asset value, end of period		$	9.49			$	10.34			$	9.70			$	10.05			$	9.82
Total Return
Total investment return based on net asset value(c)			(6.06	)%			9.40	%			(.67	)%			5.63	%			1.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	192,990			$	187,212			$	145,160			$	135,701			$	111,151
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)			.50	%			.50	%			.50	%			.51	%			.50	%
Expenses, before waivers/reimbursements(d)			.54	%			.55	%			.55	%			.57	%			.56	%
Net investment income(a)			2.42	%			2.55	%			2.89	%			3.17	%			3.11	%
Portfolio turnover rate			16	%			22	%			23	%			15	%			11	%

(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,
		2022				2021				2020				2019				2018
AB California Portfolio
Class A
Net of waivers/reimbursements			.75%				.75%				.75%				.75%				.75%
Before waivers/reimbursements			.76%				.77%				.78%				.79%				.79%
Class C
Net of waivers/reimbursements			1.50%				1.50%				1.50%				1.50%				1.50%
Before waivers/reimbursements			1.51%				1.52%				1.53%				1.54%				1.54%
Advisor Class
Net of waivers/reimbursements			.50%				.50%				.50%				.50%				.50%
Before waivers/reimbursements			.51%				.52%				.53%				.54%				.54%
		Year Ended May 31,
		2022				2021				2020				2019				2018
AB High Income Municipal Portfolio
Class A
Net of waivers/reimbursements			.78%				.79%				.80%				.80%				.80%
Before waivers/reimbursements			.78%				.80%				.80%				.81%				.81%
Class C
Net of waivers/reimbursements			1.53%				1.55%				1.55%				1.55%				1.55%
Before waivers/reimbursements			1.53%				1.55%				1.55%				1.56%				1.56%
Advisor Class
Net of waivers/reimbursements			.53%				.55%				.55%				.55%				.55%
Before waivers/reimbursements			.53%				.55%				.55%				.55%				.56%
Class Z(f)
Net of waivers/reimbursements			.52%				.53%				.55%				.53%	^			N/A
Before waivers/reimbursements			.53%				.54%				.56%				.53%	^			N/A

---

		Year Ended May 31,
		2022				2021				2020				2019				2018
AB National Portfolio
Class A
Net of waivers/reimbursements			.75%				.75%				.75%				.75%				.75%
Before waivers/reimbursements			.77%				.78%				.78%				.79%				.80%
Class C
Net of waivers/reimbursements			1.50%				1.50%				1.50%				1.50%				1.50%
Before waivers/reimbursements			1.52%				1.53%				1.54%				1.54%				1.55%
Advisor Class
Net of waivers/reimbursements			.50%				.50%				.50%				.50%				.50%
Before waivers/reimbursements			.52%				.53%				.53%				.54%				.55%
		Year Ended May 31,
		2022				2021				2020				2019				2018
AB New York Portfolio
Class A
Net of waivers/reimbursements			.75%				.75%				.75%				.75%				.75%
Before waivers/reimbursements			.79%				.80%				.80%				.81%				.81%
Class C
Net of waivers/reimbursements			1.50%				1.50%				1.50%				1.50%				1.50%
Before waivers/reimbursements			1.54%				1.55%				1.55%				1.56%				1.56%
Advisor Class
Net of waivers/reimbursements			.50%				.50%				.50%				.50%				.50%
Before waivers/reimbursements			.54%				.55%				.55%				.56%				.56%

(e)	Amount is less than $.005.

(f)	Commencement of distribution as of October 1, 2018.

^	Annualized.

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		CLASS A
		Year Ended May 31,
		2022				2021				2020				2019				2018
Net asset value, beginning of period		$	11.43			$	11.01			$	11.22			$	10.98			$	11.16
Income From Investment Operations
Net investment income(a)(b)			.26				.28				.30				.32				.32
Net realized and unrealized gain (loss) on investment transactions			(.89	)			.43				(.21	)			.24				(.18	)
Net increase (decrease) in net asset value from operations			(.63	)			.71				.09				.56				.14
Less: Dividends
Dividends from net investment income			(.26	)			(.29	)			(.30	)			(.32	)			(.32	)
Net asset value, end of period		$	10.54			$	11.43			$	11.01			$	11.22			$	10.98
Total Return
Total investment return based on net asset value(c)			(5.63	)%			6.47	%			.77	%			5.19	%			1.30	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	98,963			$	109,779			$	105,315			$	105,254			$	102,020
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)			.78	%			.78	%			.78	%			.78	%			.79	%
Expenses, before waivers/reimbursements(d)			.99	%			1.02	%			1.00	%			1.01	%			1.00	%
Net investment income(b)			2.34	%			2.47	%			2.69	%			2.90	%			2.92	%
Portfolio turnover rate			7	%			6	%			13	%			12	%			12	%

		CLASS C
		Year Ended May 31,
		2022				2021				2020				2019				2018
Net asset value, beginning of period		$	11.41			$	10.99			$	11.20			$	10.96			$	11.14
Income From Investment Operations
Net investment income(a)(b)			.18				.20				.22				.24				.24
Net realized and unrealized gain (loss) on investment transactions			(.89	)			.42				(.22	)			.24				(.18	)
Net increase (decrease) in net asset value from operations			(.71	)			.62				– 0 –				.48				.06
Less: Dividends
Dividends from net investment income			(.17	)			(.20	)			(.21	)			(.24	)			(.24	)
Net asset value, end of period		$	10.53			$	11.41			$	10.99			$	11.20			$	10.96
Total Return
Total investment return based on net asset value(c)			(6.26	)%			5.68	%			.02	%			4.41	%			.55	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	4,585			$	5,901			$	8,935			$	12,211			$	16,254
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)			1.53	%			1.53	%			1.53	%			1.53	%			1.54	%
Expenses, before waivers/reimbursements(d)			1.74	%			1.77	%			1.75	%			1.76	%			1.75	%
Net investment income(b)			1.59	%			1.73	%			1.95	%			2.15	%			2.18	%
Portfolio turnover rate			7	%			6	%			13	%			12	%			12	%

---

		ADVISOR CLASS
		Year Ended May 31, 2022				March 25 2021(e) to May 31, 2021
Net asset value, beginning of period		$	11.43			$	11.30
Income From Investment Operations
Net investment income(a)(b)			.29				.06
Net realized and unrealized gain (loss) on investment transactions			(.89	)			.13
Net increase (decrease) in net asset value from operations			(.60	)			.19
Dividends from net investment income			(.29	)			(.06	)
Net asset value, end of period		$	10.54			$	11.43
Total Return
Total investment return based on net asset value(c)			(5.39	)%			1.66	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	8,182			$	3,859
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)			.53	%			.53	%^
Expenses, before waivers/reimbursements(d)			.74	%			1.00	%^
Net investment income(b)			2.60	%			2.70	%^
Portfolio turnover rate			7	%			6	%

---

		CLASS A
		Year Ended May 31,
		2022				2021				2020				2019				2018
Net asset value, beginning of period		$	11.66			$	11.15			$	11.28			$	11.09			$	11.35
Income From Investment Operations
Net investment income(a)(b)			.24				.27				.31				.33				.32
Net realized and unrealized gain (loss) on investment transactions			(1.00	)			.52				(.12	)			.19				(.24	)
Net increase (decrease) in net asset value from operations			(.76	)			.79				.19				.52				.08
Less: Dividends and Distributions
Dividends from net investment income			(.24	)			(.28	)			(.32	)			(.33	)			(.33	)
Distributions from net realized gain on investment transactions			– 0 –				– 0 –				– 0 –				– 0 –				(.01	)
Total dividends and distributions			(.24	)			(.28	)			(.32	)			(.33	)			(.34	)
Net asset value, end of period		$	10.66			$	11.66			$	11.15			$	11.28			$	11.09
Total Return
Total investment return based on net asset value(c)			(6.63	)%			7.15	%			1.67	%			4.76	%			.75	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	104,117			$	121,419			$	114,592			$	126,955			$	141,078
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)			.77	%			.77	%			.77	%			.78	%			.78	%
Expenses, before waivers/reimbursements(d)			.87	%			.90	%			.90	%			.90	%			.89	%
Net investment income(b)			2.08	%			2.36	%			2.76	%			2.95	%			2.89	%
Portfolio turnover rate			11	%			4	%			13	%			12	%			19	%

		CLASS C
		Year Ended May 31,
		2022				2021				2020				2019				2018
Net asset value, beginning of period		$	11.64			$	11.13			$	11.26			$	11.07			$	11.33
Income From Investment Operations
Net investment income(a)(b)			.15				.19				.23				.24				.24
Net realized and unrealized gain (loss) on investment transactions			(1.00	)			.51				(.13	)			.20				(.24	)
Net increase (decrease) in net asset value from operations			(.85	)			.70				.10				.44				.00	(f)
Less: Dividends and Distributions
Dividends from net investment income			(.15	)			(.19	)			(.23	)			(.25	)			(.25	)
Distributions from net realized gain on investment transactions			– 0 –				– 0 –				– 0 –				– 0 –				(.01	)
Total dividends and distributions			(.15	)			(.19	)			(.23	)			(.25	)			(.26	)
Net asset value, end of period		$	10.64			$	11.64			$	11.13			$	11.26			$	11.07
Total Return
Total investment return based on net asset value(c)			(7.35	)%			6.36	%			.91	%			3.99	%			(.01	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	8,904			$	16,789			$	22,940			$	29,381			$	36,735
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)			1.52	%			1.52	%			1.52	%			1.53	%			1.53	%
Expenses, before waivers/reimbursements(d)			1.62	%			1.65	%			1.65	%			1.65	%			1.64	%
Net investment income(b)			1.32	%			1.62	%			2.02	%			2.20	%			2.14	%
Portfolio turnover rate			11	%			4	%			13	%			12	%			19	%

---

		ADVISOR CLASS
		Year Ended May 31,
		2022				2021				2020				2019				2018
Net asset value, beginning of period		$	11.66			$	11.15			$	11.27			$	11.08			$	11.34
Income From Investment Operations
Net investment income(a)(b)			.27				.30				.34				.35				.35
Net realized and unrealized gain (loss) on investment transactions			(1.00	)			.52				(.11	)			.20				(.24	)
Net increase (decrease) in net asset value from operations			(.73	)			.82				.23				.55				.11
Less: Dividends and Distributions
Dividends from net investment income			(.27	)			(.31	)			(.35	)			(.36	)			(.36	)
Distributions from net realized gain on investment transactions			– 0 –				– 0 –				– 0 –				– 0 –				(.01	)
Total dividends and distributions			(.27	)			(.31	)			(.35	)			(.36	)			(.37	)
Net asset value, end of period		$	10.66			$	11.66			$	11.15			$	11.27			$	11.08
Total Return
Total investment return based on net asset value(c)			(6.39	)%			7.42	%			2.01	%			5.03	%			1.00	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	109,141			$	78,396			$	61,825			$	57,879			$	50,825
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)			.52	%			.52	%			.52	%			.53	%			.54	%
Expenses, before waivers/reimbursements(d)			.62	%			.65	%			.65	%			.65	%			.64	%
Net investment income(b)			2.34	%			2.61	%			3.00	%			3.20	%			3.14	%
Portfolio turnover rate			11	%			4	%			13	%			12	%			19	%

---

		CLASS A
		Year Ended May 31,
		2022				2021				2020				2019				2018
Net asset value, beginning of period		$	10.56			$	10.32			$	10.33			$	10.11			$	10.33
Income From Investment Operations
Net investment income(a)(b)			.21				.22				.25				.28				.28
Net realized and unrealized gain (loss) on investment transactions			(.82	)			.28				.01	(g)			.22				(.21	)
Net increase (decrease) in net asset value from operations			(.61	)			.50				.26				.50				.07
Less: Dividends and Distributions
Dividends from net investment income			(.21	)			(.26	)			(.27	)			(.28	)			(.28	)
Distributions from net realized gain on investment transactions			– 0 –				– 0 –				– 0 –				– 0 –				(.01	)
Total dividends and distributions			(.21	)			(.26	)			(.27	)			(.28	)			(.29	)
Net asset value, end of period		$	9.74			$	10.56			$	10.32			$	10.33			$	10.11
Total Return
Total investment return based on net asset value(c)			(5.85	)%			4.87	%			2.51	%			5.01	%			.69	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	47,331			$	54,933			$	49,723			$	51,638			$	60,997
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)			.85	%			.85	%			.85	%			.87	%			.86	%
Expenses, before waivers/reimbursements(d)			1.10	%			1.22	%			1.26	%			1.27	%			1.17	%
Net investment income(b)			2.01	%			2.07	%			2.44	%			2.73	%			2.77	%
Portfolio turnover rate			9	%			5	%			10	%			14	%			16	%

		CLASS C
		Year Ended May 31,
		2022				2021				2020				2019				2018
Net asset value, beginning of period		$	10.57			$	10.33			$	10.35			$	10.12			$	10.34
Income From Investment Operations
Net investment income(a)(b)			.13				.14				.18				.20				.21
Net realized and unrealized gain (loss) on investment transactions			(.82	)			.28				(.01	)			.23				(.22	)
Net increase (decrease) in net asset value from operations			(.69	)			.42				.17				.43				(.01	)
Less: Dividends and Distributions
Dividends from net investment income			(.13	)			(.18	)			(.19	)			(.20	)			(.20	)
Distributions from net realized gain on investment transactions			– 0 –				– 0 –				– 0 –				– 0 –				(.01	)
Total dividends and distributions			(.13	)			(.18	)			(.19	)			(.20	)			(.21	)
Net asset value, end of period		$	9.75			$	10.57			$	10.33			$	10.35			$	10.12
Total Return
Total investment return based on net asset value(c)			(6.56	)%			4.08	%			1.64	%			4.32	%			(.06	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	3,018			$	4,420			$	4,922			$	6,226			$	8,164
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)			1.60	%			1.60	%			1.60	%			1.62	%			1.61	%
Expenses, before waivers/reimbursements(d)			1.86	%			1.97	%			2.02	%			2.02	%			1.92	%
Net investment income(b)			1.25	%			1.31	%			1.69	%			1.98	%			2.02	%
Portfolio turnover rate			9	%			5	%			10	%			14	%			16	%

---

		CLASS A
		Year Ended May 31,
		2022				2021				2020				2019				2018
Net asset value, beginning of period		$	10.13			$	9.59			$	9.84			$	9.63			$	9.78
Income From Investment Operations
Net investment income(a)(b)			.27				.28				.30				.31				.31
Net realized and unrealized gain (loss) on investment transactions			(.84	)			.55				(.25	)			.21				(.15	)
Net increase (decrease) in net asset value from operations			(.57	)			.83				.05				.52				.16
Less: Dividends
Dividends from net investment income			(.27	)			(.29	)			(.30	)			(.31	)			(.31	)
Net asset value, end of period		$	9.29			$	10.13			$	9.59			$	9.84			$	9.63
Total Return
Total investment return based on net asset value(c)			(5.71	)%			8.74	%			.50	%			5.53	%			1.65	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	62,000			$	70,145			$	66,446			$	79,995			$	93,552
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)			.82	%			.82	%			.84	%			.84	%			.83	%
Expenses, before waivers/reimbursements(d)			1.15	%			1.14	%			1.12	%			1.07	%			1.03	%
Net investment income(b)			2.70	%			2.78	%			3.09	%			3.23	%			3.18	%
Portfolio turnover rate			21	%			22	%			10	%			8	%			26	%

		CLASS C
		Year Ended May 31,
		2022				2021				2020				2019				2018
Net asset value, beginning of period		$	10.13			$	9.60			$	9.85			$	9.64			$	9.79
Income From Investment Operations
Net investment income(a)(b)			.19				.20				.23				.24				.24
Net realized and unrealized gain (loss) on investment transactions			(.82	)			.54				(.25	)			.21				(.15	)
Net increase (decrease) in net asset value from operations			(.63	)			.74				(.02	)			.45				.09
Less: Dividends
Dividends from net investment income			(.20	)			(.21	)			(.23	)			(.24	)			(.24	)
Net asset value, end of period		$	9.30			$	10.13			$	9.60			$	9.85			$	9.64
Total Return
Total investment return based on net asset value(c)			(6.33	)%			7.81	%			(.25	)%			4.74	%			.89	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	2,357			$	5,269			$	7,891			$	10,244			$	14,007
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)			1.57	%			1.57	%			1.59	%			1.59	%			1.58	%
Expenses, before waivers/reimbursements(d)			1.89	%			1.89	%			1.87	%			1.82	%			1.77	%
Net investment income(b)			1.92	%			2.05	%			2.34	%			2.48	%			2.42	%
Portfolio turnover rate			21	%			22	%			10	%			8	%			26	%

---

		CLASS A
		Year Ended May 31,
		2022				2021				2020				2019				2018
Net asset value, beginning of period		$	10.34			$	9.88			$	10.01			$	9.83			$	10.05
Income From Investment Operations
Net investment income(a)(b)			.23				.26				.28				.28				.28
Net realized and unrealized gain (loss) on investment transactions			(.84	)			.46				(.13	)			.19				(.22	)
Net increase (decrease) in net asset value from operations			(.61	)			.72				.15				.47				.06
Less: Dividends
Dividends from net investment income			(.23	)			(.26	)			(.28	)			(.29	)			(.28	)
Net asset value, end of period		$	9.50			$	10.34			$	9.88			$	10.01			$	9.83
Total Return
Total investment return based on net asset value(c)			(6.04	)%			7.40	%			1.45	%			4.82	%			.58	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	71,345			$	69,533			$	66,573			$	75,542			$	79,767
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)			.80	%			.80	%			.81	%			.81	%			.80	%
Expenses, before waivers/reimbursements(d)			1.15	%			1.16	%			1.13	%			1.11	%			1.07	%
Net investment income(b)			2.32	%			2.52	%			2.78	%			2.90	%			2.81	%
Portfolio turnover rate			15	%			17	%			19	%			8	%			12	%

		CLASS C
		Year Ended May 31,
		2022				2021				2020				2019				2018
Net asset value, beginning of period		$	10.34			$	9.88			$	10.01			$	9.83			$	10.04
Income From Investment Operations
Net investment income(a)(b)			.16				.18				.20				.21				.20
Net realized and unrealized gain (loss) on investment transactions			(.86	)			.47				(.13	)			.18				(.21	)
Net increase (decrease) in net asset value from operations			(.70	)			.65				.07				.39				(.01	)
Less: Dividends
Dividends from net investment income			(.15	)			(.19	)			(.20	)			(.21	)			(.20	)
Net asset value, end of period		$	9.49			$	10.34			$	9.88			$	10.01			$	9.83
Total Return
Total investment return based on net asset value(c)			(6.85	)%			6.60	%			.70	%			4.04	%			(.07	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	1,870			$	3,986			$	5,728			$	8,040			$	11,967
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)			1.55	%			1.55	%			1.56	%			1.56	%			1.55	%
Expenses, before waivers/reimbursements(d)			1.90	%			1.91	%			1.88	%			1.86	%			1.82	%
Net investment income(b)			1.55	%			1.78	%			2.03	%			2.15	%			2.06	%
Portfolio turnover rate			15	%			17	%			19	%			8	%			12	%

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		CLASS A
		Year Ended May 31,
		2022				2021				2020				2019				2018
Net asset value, beginning of period		$	10.90			$	10.45			$	10.55			$	10.35			$	10.54
Income From Investment Operations
Net investment income(a)(b)			.26				.28				.31				.32				.30
Net realized and unrealized gain (loss) on investment transactions			(.93	)			.46				(.11	)			.20				(.19	)
Net increase (decrease) in net asset value from operations			(.67	)			.74				.20				.52				.11
Less: Dividends
Dividends from net investment income			(.27	)			(.29	)			(.30	)			(.32	)			(.30	)
Net asset value, end of period		$	9.96			$	10.90			$	10.45			$	10.55			$	10.35
Total Return
Total investment return based on net asset value(c)			(6.31	)%			7.15	%			1.95	%			5.10	%			1.10	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	57,968			$	64,592			$	66,575			$	74,496			$	80,666
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)			.85	%			.85	%			.85	%			.86	%			.86	%
Expenses, before waivers/reimbursements(d)			1.18	%			1.19	%			1.14	%			1.12	%			1.09	%
Net investment income(b)			2.46	%			2.64	%			2.91	%			3.07	%			2.91	%
Portfolio turnover rate			13	%			12	%			11	%			9	%			38	%

		CLASS C
		Year Ended May 31,
		2022				2021				2020				2019				2018
Net asset value, beginning of period		$	10.91			$	10.45			$	10.56			$	10.36			$	10.55
Income From Investment Operations
Net investment income(a)(b)			.18				.20				.23				.24				.23
Net realized and unrealized gain (loss) on investment transactions			(.95	)			.47				(.12	)			.20				(.19	)
Net increase (decrease) in net asset value from operations			(.77	)			.67				.11				.44				.04
Less: Dividends
Dividends from net investment income			(.18	)			(.21	)			(.22	)			(.24	)			(.23	)
Net asset value, end of period		$	9.96			$	10.91			$	10.45			$	10.56			$	10.36
Total Return
Total investment return based on net asset value(c)			(7.11	)%			6.45	%			1.09	%			4.31	%			.35	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	1,056			$	3,136			$	4,181			$	6,712			$	8,686
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)			1.60	%			1.60	%			1.60	%			1.61	%			1.61	%
Expenses, before waivers/reimbursements(d)			1.93	%			1.94	%			1.89	%			1.87	%			1.84	%
Net investment income(b)			1.70	%			1.89	%			2.16	%			2.31	%			2.16	%
Portfolio turnover rate			13	%			12	%			11	%			9	%			38	%

---

		CLASS A
		Year Ended May 31,
		2022				2021				2020				2019				2018
Net asset value, beginning of period		$	11.61			$	11.09			$	11.19			$	10.99			$	11.19
Income From Investment Operations
Net investment income(a)(b)			.23				.26				.29				.32				.32
Net realized and unrealized gain (loss) on investment transactions			(.99	)			.52				(.10	)			.20				(.20	)
Net increase (decrease) in net asset value from operations			(.76	)			.78				.19				.52				.12
Less: Dividends
Dividends from net investment income			(.23	)			(.26	)			(.29	)			(.32	)			(.32	)
Net asset value, end of period		$	10.62			$	11.61			$	11.09			$	11.19			$	10.99
Total Return
Total investment return based on net asset value(c)			(6.64	)%			7.10	%			1.71	%			4.80	%			1.10	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	133,626			$	147,660			$	133,346			$	127,353			$	139,827
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)			.80	%			.80	%			.80	%			.81	%			.81	%
Expenses, before waivers/reimbursements(d)			.86	%			.89	%			.90	%			.90	%			.89	%
Net investment income(b)			2.04	%			2.27	%			2.62	%			2.89	%			2.85	%
Portfolio turnover rate			13	%			9	%			16	%			6	%			18	%

		CLASS C
		Year Ended May 31,
		2022				2021				2020				2019				2018
Net asset value, beginning of period		$	11.58			$	11.07			$	11.16			$	10.96			$	11.16
Income From Investment Operations
Net investment income(a)(b)			.15				.17				.21				.23				.23
Net realized and unrealized gain (loss) on investment transactions			(1.00	)			.51				(.09	)			.21				(.19	)
Net increase (decrease) in net asset value from operations			(.85	)			.68				.12				.44				.04
Less: Dividends
Dividends from net investment income			(.14	)			(.17	)			(.21	)			(.24	)			(.24	)
Net asset value, end of period		$	10.59			$	11.58			$	11.07			$	11.16			$	10.96
Total Return
Total investment return based on net asset value(c)			(7.37	)%			6.22	%			1.04	%			4.04	%			.35	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	8,452			$	13,118			$	20,540			$	27,759			$	35,435
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)			1.55	%			1.55	%			1.55	%			1.56	%			1.56	%
Expenses, before waivers/reimbursements(d)			1.61	%			1.64	%			1.65	%			1.66	%			1.65	%
Net investment income(b)			1.29	%			1.53	%			1.89	%			2.15	%			2.11	%
Portfolio turnover rate			13	%			9	%			16	%			6	%			18	%

---

		ADVISOR CLASS
		Year Ended May 31,
		2022				2021				2020				2019				2018
Net asset value, beginning of period		$	11.61			$	11.10			$	11.20			$	10.99			$	11.19
Income From Investment Operations
Net investment income(a)(b)			.26				.29				.32				.34				.34
Net realized and unrealized gain (loss) on investment transactions			(.99	)			.51				(.10	)			.22				(.19	)
Net increase (decrease) in net asset value from operations			(.73	)			.80				.22				.56				.15
Less: Dividends
Dividends from net investment income			(.26	)			(.29	)			(.32	)			(.35	)			(.35	)
Net asset value, end of period		$	10.62			$	11.61			$	11.10			$	11.20			$	10.99
Total Return
Total investment return based on net asset value(c)			(6.41	)%			7.27	%			1.96	%			5.16	%			1.35	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	90,811			$	75,692			$	56,772			$	55,678			$	41,188
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)			.55	%			.55	%			.55	%			.56	%			.56	%
Expenses, before waivers/reimbursements(d)			.61	%			.64	%			.65	%			.65	%			.64	%
Net investment income(b)			2.30	%			2.51	%			2.87	%			3.14	%			3.10	%
Portfolio turnover rate.			13	%			9	%			16	%			6	%			18	%

(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,
		2022				2021				2020				2019				2018
AB Arizona Portfolio
Class A
Net of waivers/reimbursements			.78	%			.78	%			.78	%			.78	%			.78	%
Before waivers/reimbursements			.99	%			1.02	%			1.00	%			1.00	%			.99	%
Class C
Net of waivers/reimbursements			1.53	%			1.53	%			1.53	%			1.53	%			1.53	%
Before waivers/reimbursements			1.74	%			1.77	%			1.75	%			1.75	%			1.74	%
Advisor Class
Net of waivers/reimbursements			.53	%			.53	%^			N/A				N/A				N/A
Before waivers/reimbursements			.74	%			1.00	%^			N/A				N/A				N/A
AB Massachusetts Portfolio
Class A
Net of waivers/reimbursements			.77	%			.77	%			.77	%			.77	%			.77	%
Before waivers/reimbursements			.87	%			.90	%			.90	%			.89	%			.88	%
Class C
Net of waivers/reimbursements			1.52	%			1.52	%			1.52	%			1.52	%			1.52	%
Before waivers/reimbursements			1.62	%			1.65	%			1.65	%			1.64	%			1.63	%
Advisor Class
Net of waivers/reimbursements			.52	%			.52	%			.52	%			.52	%			.52	%
Before waivers/reimbursements			.62	%			.65	%			.65	%			.64	%			.63	%
AB Minnesota Portfolio
Class A
Net of waivers/reimbursements			.85	%			.85	%			.85	%			.85	%			.85	%
Before waivers/reimbursements			1.10	%			1.22	%			1.26	%			1.26	%			1.16	%
Class C
Net of waivers/reimbursements			1.60	%			1.60	%			1.60	%			1.60	%			1.60	%
Before waivers/reimbursements			1.86	%			1.97	%			2.02	%			2.01	%			1.91	%
AB New Jersey Portfolio
Class A
Net of waivers/reimbursements			.82	%			.82	%			.82	%			.82	%			.82	%
Before waivers/reimbursements			1.15	%			1.14	%			1.10	%			1.05	%			1.02	%
Class C
Net of waivers/reimbursements			1.57	%			1.57	%			1.57	%			1.57	%			1.57	%
Before waivers/reimbursements			1.89	%			1.89	%			1.85	%			1.80	%			1.77	%

---

		Year Ended May 31,
		2022				2021				2020				2019				2018
AB Ohio Portfolio
Class A
Net of waivers/reimbursements			.80	%			.80	%			.80	%			.80	%			.80	%
Before waivers/reimbursements			1.15	%			1.16	%			1.12	%			1.10	%			1.06	%
Class C
Net of waivers/reimbursements			1.55	%			1.55	%			1.55	%			1.55	%			1.55	%
Before waivers/reimbursements			1.90	%			1.91	%			1.87	%			1.85	%			1.82	%
AB Pennsylvania Portfolio
Class A
Net of waivers/reimbursements			.85	%			.85	%			.85	%			.85	%			.85	%
Before waivers/reimbursements			1.18	%			1.19	%			1.14	%			1.11	%			1.08	%
Class C
Net of waivers/reimbursements			1.60	%			1.60	%			1.60	%			1.60	%			1.60	%
Before waivers/reimbursements			1.93	%			1.94	%			1.89	%			1.86	%			1.83	%
AB Virginia Portfolio
Class A
Net of waivers/reimbursements			.80	%			.80	%			.80	%			.80	%			.80	%
Before waivers/reimbursements			.86	%			.89	%			.90	%			.90	%			.88	%
Class C
Net of waivers/reimbursements			1.55	%			1.55	%			1.55	%			1.55	%			1.55	%
Before waivers/reimbursements			1.61	%			1.64	%			1.65	%			1.65	%			1.64	%
Advisor Class
Net of waivers/reimbursements			.55	%			.55	%			.55	%			.55	%			.55	%
Before waivers/reimbursements			.61	%			.64	%			.65	%			.65	%			.63	%

(e)	Commencement of distributions.

(f)	Amount is less than $.005.

(g)	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					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					11,913.00
6				11,913.00					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				$	386.57				$	10,098.43
2				10,098.43					504.92					10,603.35					90.13					10,513.22
3				10,513.22					525.66					11,038.88					93.83					10,945.05
4				10,945.05					547.25					11,492.30					97.68					11,394.62
5				11,394.62					569.73					11,964.35					101.70					11,862.65
6				11,862.65					593.13					12,455.78					105.87					12,349.91
7				12,349.91					617.50					12,967.41					110.22					12,857.19
8				12,857.19					642.86					13,500.05					114.75					13,385.30
9				13,385.30					669.27					14,054.57					119.46					13,935.11
10				13,935.11					696.76					14,631.87					124.37					14,507.50
Cumulative								$	5,852.08									$	1,344.58

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					80.67					10,533.37
3				10,533.37					526.67					11,060.04					84.06					10,975.98
4				10,975.98					548.80					11,524.78					87.59					11,437.19
5				11,437.19					571.86					12,009.05					91.27					11,917.78
6				11,917.78					595.89					12,513.67					95.10					12,418.57
7				12,418.57					620.93					13,039.50					99.10					12,940.40
8				12,940.40					647.02					13,587.42					103.26					13,484.16
9				13,484.16					674.21					14,158.37					107.60					14,050.77
10				14,050.77					702.54					14,753.31					112.13					14,641.18
Cumulative								$	5,878.35									$	1,237.17

---

Year		Hypothetical Investment					Hypothetical Performance Earnings					Investment After Returns					Hypothetical Expenses*					Hypothetical Ending Investment
1			$	10,000.00				$	485.00				$	10,185.00				$	379.44				$	10,105.56
2				10,105.56					505.28					10,610.84					105.05					10,505.79
3				10,505.79					525.29					11,031.08					109.21					10,921.87
4				10,921.87					546.09					11,467.96					113.53					11,354.43
5				11,354.43					567.72					11,922.15					118.03					11,804.12
6				11,804.12					590.21					12,394.33					122.70					12,271.63
7				12,271.63					613.58					12,885.21					127.56					12,757.65
8				12,757.65					637.88					13,395.53					132.62					13,262.91
9				13,262.91					663.15					13,926.06					137.87					13,788.19
10				13,788.19					689.41					14,477.60					143.33					14,334.27
Cumulative								$	5,823.61									$	1,489.34

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					92.32					10,519.59
3				10,519.59					525.98					11,045.57					96.10					10,949.47
4				10,949.47					547.47					11,496.94					100.02					11,396.92
5				11,396.92					569.85					11,966.77					104.11					11,862.66
6				11,862.66					593.13					12,455.79					108.37					12,347.42
7				12,347.42					617.37					12,964.79					112.79					12,852.00
8				12,852.00					642.60					13,494.60					117.40					13,377.20
9				13,377.20					668.86					14,046.06					122.20					13,923.86
10				13,923.86					696.19					14,620.05					127.19					14,492.86
Cumulative								$	5,851.78									$	1,358.92

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					134.66					10,468.69
3				10,468.69					523.43					10,992.12					139.60					10,852.52
4				10,852.52					542.63					11,395.15					144.72					11,250.43
5				11,250.43					562.52					11,812.95					150.02					11,662.93
6				11,662.93					583.15					12,246.08					155.53					12,090.55
7				12,090.55					604.53					12,695.08					161.23					12,533.85
8				12,533.85					626.69					13,160.54					167.14					12,993.40
9				12,993.40					649.67					13,643.07					173.27					13,469.80
10				13,469.80					673.49					14,143.29					179.62					13,963.67
Cumulative								$	5,756.03									$	1,792.36

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					121.98					10,484.57
3				10,484.57					524.23					11,008.80					126.60					10,882.20
4				10,882.20					544.11					11,426.31					131.40					11,294.91
5				11,294.91					564.75					11,859.66					136.39					11,723.27
6				11,723.27					586.16					12,309.43					141.56					12,167.87
7				12,167.87					608.39					12,776.26					146.93					12,629.33
8				12,629.33					631.47					13,260.80					152.50					13,108.30
9				13,108.30					655.42					13,763.72					158.28					13,605.44
10				13,605.44					680.27					14,285.71					164.29					14,121.42
Cumulative								$	5,784.87									$	1,663.45

---

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					83.85					10,530.19
3				10,530.19					526.51					11,056.70					87.35					10,969.35
4				10,969.35					548.47					11,517.82					90.99					11,426.83
5				11,426.83					571.34					11,998.17					94.79					11,903.38
6				11,903.38					595.17					12,498.55					98.74					12,399.81
7				12,399.81					619.99					13,019.80					102.86					12,916.94
8				12,916.94					645.85					13,562.79					107.15					13,455.64
9				13,455.64					672.78					14,128.42					111.61					14,016.81
10				14,016.81					700.84					14,717.65					116.27					14,601.38
Cumulative								$	5,871.38									$	1,270.00

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					122.00					10,486.70
3				10,486.70					524.34					11,011.04					126.63					10,884.41
4				10,884.41					544.22					11,428.63					131.43					11,297.20
5				11,297.20					564.86					11,862.06					136.41					11,725.65
6				11,725.65					586.28					12,311.93					141.59					12,170.34
7				12,170.34					608.52					12,778.86					146.96					12,631.90
8				12,631.90					631.60					13,263.50					152.53					13,110.97
9				13,110.97					655.55					13,766.52					158.31					13,608.21
10				13,608.21					680.41					14,288.62					164.32					14,124.30
Cumulative								$	5,785.96									$	1,661.66

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					125.12					10,478.23
3				10,478.23					523.91					11,002.14					129.83					10,872.31
4				10,872.31					543.62					11,415.93					134.71					11,281.22
5				11,281.22					564.06					11,845.28					139.77					11,705.51
6				11,705.51					585.28					12,290.79					145.03					12,145.76
7				12,145.76					607.29					12,753.05					150.49					12,602.56
8				12,602.56					630.13					13,232.69					156.15					13,076.54
9				13,076.54					653.83					13,730.37					162.02					13,568.35
10				13,568.35					678.42					14,246.77					168.11					14,078.66
Cumulative								$	5,776.46									$	1,697.80

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					91.23					10,517.47
3				10,517.47					525.87					11,043.34					94.97					10,948.37
4				10,948.37					547.42					11,495.79					98.86					11,396.93
5				11,396.93					569.85					11,966.78					102.91					11,863.87
6				11,863.87					593.19					12,457.06					107.13					12,349.93
7				12,349.93					617.50					12,967.43					111.52					12,855.91
8				12,855.91					642.80					13,498.71					116.09					13,382.62
9				13,382.62					669.13					14,051.75					120.85					13,930.90
10				13,930.90					696.55					14,627.45					125.80					14,501.65
Cumulative								$	5,852.49									$	1,350.84

*	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.

---

•

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 a 529 Plan (does not include 529 Plan units or 529-specific share classes or equivalents)

•

Shares purchased through a Merrill Lynch affiliated investment advisory program

•

Shares exchanged due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch’s policies relating to sales load discounts and waivers

•

Shares purchased by third-party investment advisors on behalf of their advisory clients through Merrill Lynch’s platform

•

Shares of funds purchased through the Merrill Edge Self-Directed platform (if applicable)

•

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 exchanged from Class C (i.e., level-load) shares of the same fund pursuant to Merrill Lynch’s policies relating to sales load discounts and waivers

•

Employees and registered representatives of Merrill Lynch 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

•

Eligible 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). Automated transactions (i.e., systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill Lynch’s account maintenance fees are not eligible for reinstatement

•

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 pursuant to the Internal Revenue Code

•

Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch

•

Shares acquired through a right of reinstatement

•

Shares held in retirement brokerage accounts that are exchanged for a lower cost share class due to transfer to a fee-based account or platforms

•

Shares received through an exchange due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch’s policies relating to sales load discounts and waivers

---

•

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 (including 529 program holdings, where applicable) within the purchaser’s household at Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets

•

Letters of Intent (“LOI”) which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13-month period of time (if applicable)

•

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

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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

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Breakpoints as described in the Prospectus

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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)

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Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney

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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)

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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

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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

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Shares sold as part of a systematic withdrawal plan as described in the Portfolio’s Prospectus

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Shares purchased in connection with a return of excess contributions from an IRA account

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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

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Breakpoints as described in the Portfolio’s Prospectus

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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

*	Also, referred to as an “initial sales charge”

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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

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Shares purchased through an OPCO affiliated investment advisory program

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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)

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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

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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)

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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 their family members who are 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

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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: 1) the proceeds are from the sale of shares within 60 days of the purchase, and 2) the sale and purchase are made in the same share class and the same account or the purchase is made in an individual retirement account with proceeds from the liquidations in a non-retirement account

•

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 sold 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 sold to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones

•

Shares exchanged in an Edwards 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 purchases minimum: none

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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

•

A 529 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

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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

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ANNUAL/SEMI-ANNUAL REPORTS TO SHAREHOLDERS

•

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