# EDGAR Filing Document

**Accession Number:** 0001274676
**File Stem:** 0001193125-26-022898
**Filing Date:** 2026-1
**Character Count:** 20063
**Document Hash:** 1207036086fa50285ccc816f8476834e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-022898.hdr.sgml**: 20260127

**ACCESSION NUMBER**: 0001193125-26-022898

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260127

**DATE AS OF CHANGE**: 20260126

**EFFECTIVENESS DATE**: 20260127

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AB CORPORATE SHARES
- **CENTRAL INDEX KEY:** 0001274676

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-112207
- **FILM NUMBER:** 26561597

**BUSINESS ADDRESS:**
- **STREET 1:** ALLIANCEBERNSTEIN LP
- **STREET 2:** 66 HUDSON BOULEVARD EAST, 26TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** 2129691000

**MAIL ADDRESS:**
- **STREET 1:** ALLIANCEBERNSTEIN LP
- **STREET 2:** 66 HUDSON BOULEVARD EAST, 26TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALLIANCEBERNSTEIN CORPORATE SHARES
- **DATE OF NAME CHANGE:** 20031230

## Series and Classes Contracts Data

### AB Municipal Income Shares N (Series ID: S000101030)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000270957 | AB Municipal Income Shares N | MISNX           |

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| | |
|:---|:---|
| ![LOGO](g82471g67z55.jpg) | SUMMARY PROSPECTUS January 27, 2026 |

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## AB Municipal Income Shares N
**Ticker:** MISNX

Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. The Fund's Prospectus and Statement of Additional Information, both dated January 27, 2026, as may be amended or supplemented, are incorporated by reference into this Summary Prospectus. For free paper or electronic copies of the Fund's Prospectus, reports to shareholders and other information about the Fund, go to <u>www.abfunds.com/go/prospectus</u>, email a request to prorequest@alliancebernstein.com, call (800) 227-4618, or ask any financial advisor, bank, or broker-dealer who offers shares of the Fund.

**PRO-0187-MISHN-0126** 

**INVESTMENT OBJECTIVE:** 

The investment objective of the Fund is to earn the highest level of current income, exempt from federal taxation, that is available consistent with what the Adviser considers to be an appropriate level of risk.

**FEES AND EXPENSES OF THE FUND:** 

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

**Shareholder Fees** (fees paid directly from your investment)

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| |
|:---|
|  Maximum Sales Charge (Load) Imposed on Purchases<br> (as a percentage of offering price) |
|  Maximum Deferred Sales Charge (Load)<br> (as a percentage of original purchase price or redemption proceeds, whichever is lower) |
|  Exchange Fee |

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

---

| | |
|:---|:---|
|  Management Fees(a) | 0.00% |
|  Distribution and/or Service (12b-1) Fees |  |
|  Other Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest Expense | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Expenses | 0.00% |
|  Total Other Expenses | 0.10% |
|  Total Annual Fund Operating Expenses(b) | 0.10% |

---

(a) The Fund does not pay an advisory fee to AllianceBernstein L.P. (the "Adviser") under the advisory agreement
between AB Corporate Shares, on behalf of the Fund, and the Adviser (the "Advisory Agreement"). Shares of the Fund are available only to (i) investors with accounts established under a wrap fee program or other similar fee-based investment program sponsored and maintained by a registered investment adviser or broker-dealer and for which the Adviser is providing advisory and administrative and other similar services for
compensation and (ii) institutional advisory clients of the Adviser. Such investors pay a wrap fee, advisory fee or other fee that covers advisory and administrative and other similar services, which fee is paid at the wrap fee program or fee-based account level. Participants in a wrap fee program or other similar fee-based investment program should review the program brochure or literature provided by the
sponsor for a discussion of fees and expenses charged.

(b) Under the Advisory Agreement, the Adviser is contractually responsible for and assumes the obligation for payment of the
Fund's expenses included as "Other Expenses" of the Fund, except certain extraordinary expenses, taxes, brokerage fees and commissions and the costs of borrowing money and other leveraging methods, including interest expenses. This
obligation will continue in effect for so long as the Adviser serves as the investment adviser to the Fund pursuant to the Advisory Agreement.

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**Examples** 

The Examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the Fund 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 and that the Fund's operating expenses stay the same.<sup>\*</sup> Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | |
|:---|:---|
|  After 1 Year | $10 |
|  After 3 Years | $32 |

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\* The Examples do not include any fees paid at the wrap fee program or fee-based account level.

**Portfolio Turnover** 

The Fund 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 Fund shares are held in a taxable account. These transaction costs, which are not reflected in the Annual Fund Operating Expenses or in the Examples, affect the Fund's performance. The Fund has no operating history and therefore has no portfolio turnover information.

**PRINCIPAL STRATEGIES:** 

The Fund pursues its objective by investing principally in high-yielding municipal securities that may be non-investment grade ("junk bonds") or investment grade. As a matter of fundamental policy, the Fund invests, under normal circumstances, at least 80% of its net assets in municipal securities that pay interest that is exempt from U.S. federal income tax. These securities may pay interest that is subject to the U.S. federal alternative minimum tax ("AMT") for certain taxpayers.

The Adviser selects securities for purchase or sale based on its assessment of the securities' risk and return characteristics as well as the securities' impact on the overall risk and return characteristics of the Fund. In making this assessment, the Adviser takes into account various factors, including the credit quality and sensitivity to interest rates of the securities under consideration and of the Fund's other holdings.

The Fund may invest without limit in lower-rated securities ("junk bonds"), which may include securities having the lowest rating, and in unrated securities that, in the Adviser's judgment, would be lower-rated securities if rated. The Fund may invest in fixed-income securities with any maturity or duration. The Fund will seek to increase income for shareholders by investing in longer-maturity bonds. Consistent with its objective of seeking a higher level of income, the Fund may experience greater volatility and a higher risk of loss of principal than other municipal funds.

The Fund will invest at least 50% of its net assets in municipal securities of New York or municipal securities with interest that is otherwise exempt from New York state income tax.

The Fund may also invest in:

• tender option bond transactions ("TOBs");

• 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.

The Fund may make short sales of securities or maintain a short position, and may use other investment techniques. The Fund may use leverage for investment purposes to increase income through the use of TOBs and derivative instruments, such as interest rate swaps.

The Fund is non-diversified under the Investment Company Act of 1940, as amended, which means it may invest a greater portion of its assets in fewer issuers than would otherwise be the case.

**PRINCIPAL RISKS:** 

• **Market Risk:** The value of the Fund's assets will fluctuate as the market or markets in which the
Fund invests fluctuate. The value of the Fund'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), terrorism, war, changing interest rate levels, the imposition of new or additional tariffs, and regional and global conflicts, that affect large portions of the market.

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• **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 any 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.

• **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. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary
policy may exacerbate the risks associated with changing interest rates.

• **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 Fund'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 Fund invests more of its assets in the municipal securities of a particular state or territory, the Fund may be vulnerable to events
adversely affecting that state or territory. The Fund's investments in New York municipal securities may be vulnerable to events adversely affecting its economy, including public health crises (including the occurrence of a contagious disease
or illness). New York's economy, while diverse, has a relatively large share of the nation's financial activities. With the financial services sector contributing more than one-fifth of the
state's wages, the state's economy is especially vulnerable to adverse events affecting the financial markets such as those that occurred in 2008-2009 and during the COVID-19 pandemic. In addition,
as New York's financial services and professional and business services sectors serve a global market, they can be highly sensitive to global trends. The Fund'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.

• **Below Investment Grade Securities Risk:** Investments in fixed-income securities with lower ratings
(commonly known as "junk bonds") tend to 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 perceptions of the junk bond market generally and may be more difficult to trade than other types of securities.

• **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 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.

• **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 Fund's assets can decline as can the value of the Fund's distributions. This risk is significantly greater for fixed-income securities with longer
maturities.

• **Leverage Risk:** To the extent the Fund uses leveraging techniques, its net asset value ("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 Fund's investments.

• **Tax Risk:** There is no guarantee that all of the Fund's income will remain exempt from U.S. federal
or state income taxes. From time to time, the U.S. Government and the U.S. Congress consider changes in U.S. federal income tax law that could limit or eliminate the U.S. federal tax exemption for municipal bond income, which would in effect reduce
the income received by shareholders from the Fund by increasing taxes on that income. In such event, the Fund'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 Fund shares as investors anticipate
adverse effects on the Fund or seek higher yields to offset the potential loss of the tax deduction. As a result, the Fund would be required to maintain higher levels of cash to meet the redemptions, which would negatively affect the Fund's
yield. The U.S. federal income tax treatment of payments in respect of certain derivative contracts is unclear.

• **Non-Diversification Risk:** The Fund may have more risk because it
is "non-diversified," meaning that it can invest more of its assets in a smaller number of issuers. Accordingly, changes in the value of a single security may have a more significant effect, either
negative or positive, on the Fund's NAV than on the NAV of a diversified fund.

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• **Illiquid Investments Risk:** Illiquid investments risk exists when particular investments, such as
lower-rated securities, are or become difficult to purchase or sell, possibly preventing the Fund from selling such investments at an advantageous price. The Fund is subject to illiquid investments risk because the market for municipal securities is
generally smaller than many other markets. Derivatives and securities involving substantial market and credit risk tend to involve greater illiquid investments risk than most other types of investments.

• **Derivatives Risk:** Derivatives may be difficult to price or unwind and leveraged so that small changes may
produce disproportionate losses for the Fund. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, reference rate or index, which could cause the Fund 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 Fund.

• **Management Risk:** The Fund 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 Fund.

**BAR CHART AND PERFORMANCE INFORMATION:** 

No performance information is presented for the Fund because it has not yet been in operation for a full calendar year.

**INVESTMENT ADVISER:** 

AllianceBernstein L.P. is the investment adviser for the Fund.

**PORTFOLIO MANAGERS:** 

The following table lists the persons responsible for day-to-day management of the Fund's portfolio:

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| | | |
|:---|:---|:---|
| **Employee** | **Length of Service** | **Title** |
| Daryl Clements | Since January 2026 | Senior Vice President of the Adviser |
| Matthew J. Norton | Since January 2026 | Senior Vice President of the Adviser |
| Andrew D. Potter | Since January 2026 | Senior Vice President of the Adviser |

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**PURCHASE AND SALE OF FUND SHARES** 

You may purchase shares of the Fund at the relevant NAV without a sales charge or other fee.

**Shares of the Fund are available only to (i) investors with accounts established under a wrap fee program or other similar fee-based investment program sponsored and maintained by a registered investment adviser or broker-dealer and for which the Adviser is providing advisory and administrative and other similar services for compensation and (ii) institutional advisory clients of the Adviser.** 

There are no maximum or minimum investment requirements.

You may sell (redeem) your shares through your registered investment adviser or broker-dealer on any day the New York Stock Exchange is open.

**TAX INFORMATION** 

The Fund may make capital gains distributions, which may be taxable as ordinary income or capital gains, and income dividends. The Fund anticipates that substantially all of its income dividends will be exempt from regular U.S. federal income tax. A portion of the Fund's distributions may be subject to the U.S. federal AMT.

**PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES** 

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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|:---|:---|
| **PRO-0187-MISHN-0126** | ![LOGO](g82471g22c48.jpg) |

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