AB High Income Municipal Portfolio
AB MUNICIPAL INCOME FUND, INC. · 4 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
AB High Income Municipal Portfolio is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- High yield
- Rate sensitivity
- Long duration
Fund profile
As filed in the prospectus · 2025 Q3
The investment objective of the Portfolio is to earn the highest level of current income, exempt from federal income tax, that is available consistent with what the Adviser considers to be an appropriate level of risk.
The fund invests principally in high-yielding municipal securities, including non-investment-grade and unrated securities, with at least 80% of assets in federally tax-exempt municipal bonds selected by the adviser based on credit quality, interest-rate sensitivity, and portfolio impact. The fund may invest without limit in lower-rated securities and seeks longer-maturity bonds to enhance income. Because the fund's returns depend on the adviser's assessment of individual securities' risk and return characteristics, performance will diverge from any benchmark based on those selection decisions.
| Share class | Expense ratio |
|---|---|
| ABTHX | 1.12% |
| ABTFX | 1.87% |
| ABTYX | 0.87% |
| ABTZX | 0.87% |
Portfolio turnover 24.00% · as of 2025 Q3
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 100.39% |
| Securitized | 0.22% |
| Cash & short-term | 0.10% |
| Stocks | 0.02% |
| Derivatives | -0.54% |
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: Intercontinental Exchange, Inc., University of Kansas Hospital Authority, Maricopa County Industrial Development Authority, City of Houston TX Airport System Revenue, Florida Housing Finance Corp, Minnesota Health & Education Facilities Authority, PEFA Inc, Oklahoma City Public Property Authority
Largest exited: Intercontinental Exchange, Inc., Health & Educational Facilities Authority of the State of Missouri, University of California, Southeast Energy Authority A Cooperative District, Pennsylvania Turnpike Commission, Port of Seattle WA, New Hope Cultural Education Facilities Finance Corp, City of Colby KS
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +6.08% | +12.75% | +2.36% | 5.59% | -9.19% | |
| +5.30% | +10.19% | -1.40% | 5.58% | -9.54% | |
| +6.35% | +13.51% | +3.65% | 5.58% | -9.07% | |
| +6.35% | +13.52% | +3.58% | 5.58% | -9.07% |
These classes hold the same portfolio, so the 5.05pp spread over 5 years is the cost difference between them — roughly 1.01pp a year — not a difference in what they own.
May 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 82.0% |
| Floating rate | 10.0% |
| Zero-coupon or unclassified | 8.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.5% |
| 1-3y | 2.0% |
| 3-5y | 2.5% |
| 5-10y | 10.7% |
| 10y+ | 84.3% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 52% |
| Interest rates | 48% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +5.30 yr |
| Investment grade | +2.57 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.22 yr | 3% |
| 5 yr | 1.60 yr | 22% |
| 10 yr | 3.21 yr | 44% |
| 30 yr | 2.21 yr | 30% |
| 3 mo | 0.02 yr | 0% |
| 1 yr | 0.33 yr | 4% |
| 5 yr | 1.15 yr | 15% |
| 10 yr | 3.76 yr | 48% |
| 30 yr | 2.61 yr | 33% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.01 | +0.00 | +0.02 | $1.1k | $4.2k |
| 1 yr | +0.22 | +0.07 | +0.25 | $20.4k | $70.5k |
| 5 yr | +1.60 | +0.47 | +0.68 | $131.6k | $189.5k |
| 10 yr | +3.21 | +1.36 | +2.40 | $379.5k | $669.4k |
| 30 yr | +2.21 | +0.66 | +1.95 | $185.2k | $543.3k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | Tobacco Settlement Financing Corp5.00% · due 2046-06-01 | 1.51% | $42.08M | — |
| — | Public Finance Authority5.75% · due 2041-07-25 | 0.89% | $24.69M | — |
| — | Tobacco Settlement Financing Corp5.00% · due 2047-06-01 | 0.87% | $24.17M | — |
| — | ARC70 II TRUST5.00% floating · due 2065-04-01 | 0.77% | $21.37M | — |
| — | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue0.00% · due 2046-07-01 | 0.75% | $20.84M | — |
| — | Buckeye Tobacco Settlement Financing Authority5.00% · due 2055-06-01 | 0.69% | $19.14M | — |
| — | Bristol Industrial Development Board5.13% · due 2042-12-01 | 0.68% | $18.99M | — |
| — | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue5.00% · due 2058-07-01 | 0.68% | $18.92M | — |
| — | New York Transportation Development Corp5.00% · due 2041-07-01 | 0.61% | $17.12M | — |
| — | New Hampshire Business Finance Authority4.38% · due 2036-09-20 | 0.59% | $16.36M | — |
Top 10 positions are 8.02% of net assets, top 25 15.24%, across 335 issuers.
See more of this fund's book
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