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Name

As of 12/08/2023

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

AB Municipal Income Shares

MISHX | Fund

$10.89

$9.66 B

4.29%

$0.47

0.21%

Vitals

YTD Return

5.3%

1 yr return

3.9%

3 Yr Avg Return

-0.1%

5 Yr Avg Return

3.2%

Net Assets

$9.66 B

Holdings in Top 10

8.7%

52 WEEK LOW AND HIGH

$10.9
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.21%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 10.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$0

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 12/08/2023

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

AB Municipal Income Shares

MISHX | Fund

$10.89

$9.66 B

4.29%

$0.47

0.21%

MISHX - Profile

Distributions

  • YTD Total Return 5.3%
  • 3 Yr Annualized Total Return -0.1%
  • 5 Yr Annualized Total Return 3.2%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 3.62%
DIVIDENDS
  • Dividend Yield 4.3%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    AB Municipal Income Shares
  • Fund Family Name
    ALLIANCEBE
  • Inception Date
    Sep 28, 2012
  • Shares Outstanding
    N/A
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Terrance Hults

Fund Description

The Fund pursues its objective by investing principally in high-yielding municipal securities that may be non‑investment grade 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 federal income tax. These securities may pay interest that is subject to the 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 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.
Read More

MISHX - Performance

Return Ranking - Trailing

Period MISHX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.3% -0.6% 8.3% 35.44%
1 Yr 3.9% -3.6% 6.3% 23.30%
3 Yr -0.1%* -9.7% 1.6% 7.50%
5 Yr 3.2%* -4.3% 526.5% 3.72%
10 Yr 5.0%* 0.7% 156.5% 4.92%

* Annualized

Return Ranking - Calendar

Period MISHX Return Category Return Low Category Return High Rank in Category (%)
2022 -15.9% -26.9% -3.5% 29.06%
2021 3.9% -1.9% 5.6% 11.00%
2020 2.3% -10.1% 4.2% 10.10%
2019 7.1% 2.0% 9.1% 9.38%
2018 -2.9% -5.7% 4.2% 65.32%

Total Return Ranking - Trailing

Period MISHX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.3% -0.6% 8.3% 35.44%
1 Yr 3.9% -3.6% 6.3% 23.30%
3 Yr -0.1%* -9.7% 1.6% 7.50%
5 Yr 3.2%* -4.3% 526.5% 3.72%
10 Yr 5.0%* 0.7% 156.5% 4.92%

* Annualized

Total Return Ranking - Calendar

Period MISHX Return Category Return Low Category Return High Rank in Category (%)
2022 -12.2% -26.9% -2.9% 25.12%
2021 7.8% -1.9% 10.0% 8.50%
2020 6.5% -4.1% 8.2% 5.56%
2019 11.3% 3.5% 1028633.9% 10.42%
2018 0.6% -2.2% 10.7% 72.83%

NAV & Total Return History

MISHX - Holdings

Concentration Analysis

MISHX Category Low Category High MISHX % Rank
Net Assets 9.66 B 9.07 K 15.9 B 2.42%
Number of Holdings 1824 1 3078 13.59%
Net Assets in Top 10 862 M -102 M 3.6 B 8.74%
Weighting of Top 10 8.70% 5.1% 99.4% 90.73%

Top 10 Holdings

  1. BUCKEYE OH TOBACCO SETTLEMENT FING AUTH 1.30%
  2. TOBACCO SETTLEMENT FING CORP NJ 1.23%
  3. CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE 1.20%
  4. AB Fixed Income Shares, Inc. - Government Money Market Portfolio 0.91%
  5. Long: BS20V36 IRS USD R V 12MUSCPI IS20V47 CCPINFLATIONZERO / Short: BS20V36 IRS USD P F .73500 IS20V36 CCPINFLATIONZERO 0.81%
  6. TEXAS ST PRIV ACTIVITY BOND SURFACE TRANSPRTN CORP REVENUE 0.78%
  7. COLORADO ST HLTH FACS AUTH REVENUE 0.72%
  8. ARC70 II TR CA 0.63%
  9. CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE 0.58%
  10. PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE 0.53%

Asset Allocation

Weighting Return Low Return High MISHX % Rank
Bonds 		98.47% 0.00% 146.69% 63.16%
Other 		1.91% -10.85% 5.41% 2.43%
Cash 		0.91% -0.64% 100.00% 51.94%
Stocks 		0.00% 0.00% 23.40% 39.23%
Preferred Stocks 		0.00% -47.61% 1.82% 19.90%
Convertible Bonds 		0.00% 0.00% 0.00% 19.42%

Bond Sector Breakdown

Weighting Return Low Return High MISHX % Rank
Municipal 		98.35% 0.00% 100.00% 48.06%
Derivative 		1.91% -10.85% 1.91% 0.49%
Cash & Equivalents 		0.91% 0.00% 100.00% 27.18%
Securitized 		0.00% 0.00% 22.44% 24.27%
Corporate 		0.00% 0.00% 2.83% 62.14%
Government 		0.00% 0.00% 0.09% 23.30%

Bond Geographic Breakdown

Weighting Return Low Return High MISHX % Rank
US 		98.47% 0.00% 139.84% 57.77%
Non US 		0.00% 0.00% 13.35% 27.67%

MISHX - Expenses

Operational Fees

MISHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.21% 0.21% 3.79% 100.00%
Management Fee 0.00% 0.00% 1.41% 0.96%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.02% 0.35% N/A

Sales Fees

MISHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.00% 4.50% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

MISHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

MISHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 10.00% 2.00% 121.00% 5.21%

MISHX - Distributions

Dividend Yield Analysis

MISHX Category Low Category High MISHX % Rank
Dividend Yield 4.29% 0.00% 4.19% 23.44%

Dividend Distribution Analysis

MISHX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

MISHX Category Low Category High MISHX % Rank
Net Income Ratio 3.62% 1.11% 5.70% 24.40%

Capital Gain Distribution Analysis

MISHX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Monthly Annually

Distributions History

View More +

MISHX - Fund Manager Analysis

Managers

Terrance Hults

Start Date

Tenure

Tenure Rank

Sep 01, 2010

11.75

11.8%

Terrance T. Hults is a member of the Tax-Exempt Fixed-Income Investment Policy Group. Prior to joining the firm, he was an associate in the Municipal Derivative Products department at Merrill Lynch Capital Markets, where he specialized in securities arbitrage. These transactions involved issuers and investors, as well as proprietary trading and utilized futures, options, interest-rate swaps, and other over-the-counter derivative structures. Mr. Hults received a BA in economics from Williams College and an MBA in finance from Columbia University. Location: New York

Matthew Norton

Start Date

Tenure

Tenure Rank

Feb 10, 2016

6.31

6.3%

Matthew Norton is a Senior Vice President and Co-Head of Municipal Portfolio Management, responsible for overseeing municipal bond investing at AB. He is also a member of the Municipal Impact Investment Policy Group. Previously, Mr. Norton was a portfolio manager on the Municipal Bond team. He joined AB in 2005, focusing primarily on research in tax-exempt and taxable fixed-income markets. Prior to joining the firm, Mr. Norton worked as a statistical research analyst at St. Lawrence University, evaluating the accuracy of biometric devices. He holds a BS in economics and mathematics from St. Lawrence University and an MBA in economics and quantitative finance from the Leonard N. Stern School of Business at New York University. Location: New York

Andrew Potter

Start Date

Tenure

Tenure Rank

Aug 31, 2020

1.75

1.8%

Andrew Potter is a Vice President and Portfolio Manager on the Municipal Bond team, which oversees tax-exempt investing at AllianceBernstein. He joined the team in 2007 as an associate portfolio manager (APM), responsible for monitoring risk exposures and implementing investment strategy across the firm’s tax-aware fixed-income platform. In 2013, Mr. Potter took on additional responsibility as supervisor for the team’s APMs. He moved into his current role in 2015, shifting his focus toward developing portfolio strategy. Mr. Potter holds a BA in physics with a minor in economics from Colgate University. He is a CFA charterholder and a member of the CFA Society New York. Location: New York

Tenure Analysis

Category Low Category High Category Average Category Mode
0.06 21.43 7.46 2.52

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