Making money work harder to drive change in the communities that need it most is at the heart of AllianceBernstein Municipal Impact fund, according to the global asset manager.

The fund was developed to inject investment into what AllianceBernstein calls "historically underserved communities" or those with a lower socioeconomic status.

The IMPACT awards judging panel this year praised the way this fund supports clean energy and the transition to the low-carbon economy, along with affordable transport, access to education, and reducing inequality.

Earlier this year, AllianceBernstein Municipal Impact invested in bonds providing funding to address poor road conditions in Oakland, California, where an estimated 23% of roads were considered to be in poor condition.

The funding allowed street reconstruction to take place across the city. This work included building and upgrading paths, stairs, and curb ramps, constructing traffic calming improvements, the installation of shade-providing street trees to cool the urban landscape, and the provision of affordable housing.

AllianceBernstein also issued a $40 million bond to fund facility improvements in Gallaudet University in Washington DC, the world's only liberal arts college devoted to deaf, hard-of-hearing, and deafblind students.

"AllianceBernstein Municipal Impact seeks to specifically promote and favour investments in historically underserved communities or those with a lower socioeconomic status without sacrificing performance," said Marc Uy, portfolio manager ath AllianceBernstein Municipal Impact.

"We're pleased that this unique fund is being recognised in this year's IMPACT awards."

The US dollar-denominated share class of the fund has posted a net annualised return of 1.1% since its launch in January 2017.