AB Municipal Income Shares
AB CORPORATE SHARES · 1 share class
Fund classification
Classified from what the fund holds · as of 2026 Q2
AB Municipal Income Shares is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Mixed credit
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2025 Q3
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.
The fund invests principally in high-yielding municipal securities, including non-investment-grade and unrated securities, selected by the adviser based on risk and return characteristics and their impact on overall portfolio risk and return. The fund holds at least 80% of assets in federally tax-exempt municipal securities and may invest without limit in lower-rated securities. Because the fund prioritizes income through longer-maturity bonds and may hold securities with the lowest ratings or no rating, it experiences greater volatility and higher risk of principal loss than other municipal funds. The fund may use leverage through tender option bonds and derivatives to enhance income.
| Share class | Expense ratio |
|---|---|
| MISHX | 0.15% |
Portfolio turnover 16.00% · as of 2025 Q3
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 97.41% |
| Cash & short-term | 2.88% |
| Derivatives | 0.65% |
| Securitized | 0.16% |
| Stocks | 0.01% |
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: Black Belt Energy Gas District ×3, Minnesota Municipal Gas Agency, Texas Municipal Gas Acquisition & Supply Corp V, Long Island Power Authority, 2026 Loan Holding-1, Minnesota Health & Education Facilities Authority
Largest exited: New York Transportation Development Corp, 2025 Loan Holding - 1, Colorado State Education Loan Program, Triborough Bridge & Tunnel Authority, Intercontinental Exchange, Inc., Maryland Health & Higher Educational Facilities Authority, Chicago O'Hare International Airport, South Carolina Jobs-Economic Development Authority
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
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 | 78.1% |
| Floating rate | 19.2% |
| Zero-coupon or unclassified | 2.7% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.0% |
| 1-3y | 1.8% |
| 3-5y | 3.1% |
| 5-10y | 11.8% |
| 10y+ | 82.3% |
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 | 53% |
| Interest rates | 47% |
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.
| Investment grade | +4.38 yr |
| High yield | +2.84 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 | 0.02 yr | 0% |
| 1 yr | 0.26 yr | 4% |
| 5 yr | 1.84 yr | 29% |
| 10 yr | 2.71 yr | 43% |
| 30 yr | 1.48 yr | 23% |
| 3 mo | 0.02 yr | 0% |
| 1 yr | 0.35 yr | 5% |
| 5 yr | 1.54 yr | 21% |
| 10 yr | 3.56 yr | 49% |
| 30 yr | 1.75 yr | 24% |
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 | +0.02 | +0.01 | +0.01 | $19.4k | $16.3k |
| 1 yr | +0.26 | +0.20 | +0.15 | $354.3k | $257.8k |
| 5 yr | +1.84 | +1.06 | +0.48 | $1.84m | $842.6k |
| 10 yr | +2.71 | +2.20 | +1.36 | $3.83m | $2.37m |
| 30 yr | +1.48 | +0.91 | +0.84 | $1.59m | $1.46m |
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 |
|---|---|---|---|---|
| — | Alliance Bernstein | 2.88% | $500.87M | — |
| — | Public Finance Authority5.75% · due 2065-12-31 | 0.83% | $144.94M | — |
| — | Tobacco Settlement Financing Corp5.00% · due 2046-06-01 | 0.66% | $114.57M | — |
| — | Buckeye Tobacco Settlement Financing Authority5.00% · due 2055-06-01 | 0.65% | $113.72M | — |
| — | Public Finance Authority5.75% · due 2060-06-30 | 0.65% | $113.34M | — |
| — | California Community Choice Financing Authority5.25% floating · due 2054-01-01 | 0.55% | $95.04M | — |
| — | Southeast Energy Authority A Cooperative District5.00% floating · due 2056-01-01 | 0.47% | $82.23M | — |
| — | Southeast Energy Authority A Cooperative District5.00% · due 2030-10-01 | 0.46% | $79.77M | — |
| — | Colorado Health Facilities Authority5.00% · due 2044-08-01 | 0.45% | $78.48M | — |
| — | Kentucky Public Energy Authority5.00% floating · due 2055-01-01 | 0.42% | $73.02M | — |
Top 10 positions are 8.02% of net assets, top 25 13.47%, across 548 issuers.
See more of this fund's book
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