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AB Municipal Income Fund California Portfolio Advisor Class ALCVX

NAVChangeNet Expense RatioYTD Return
YTD Return is adjusted for possible sales charges, and assumes reinvestment of dividends and capital gains.
$10.33+0.07 (0.68%)0.50%-0.11%
Quote data as of close 09/05/2025As of 08/31/2025

Regional Holdingsas of 07/31/2025

Credit Ratings as of 06/30/2025
Pie Graph
•
AAA
8.2%
•
AA
32.3%
•
A
28.1%
•
BBB
14.9%
•
BB
5.3%
•
B
0.5%
•
Below B
0.0%
•
Not Rated
10.6%
Short-term securities held by Schwab Bond Funds are excluded from the above "Credit Rating" table.
Portfolio Overview
Total Assets$1.2B
Total Holdings399
Total Holdings (Long)399
Total Holdings (Short)--
Portfolio Turnover35%
Average Maturity10.4 years
Effective Duration7.35 years
ALCVX has a Diversified Portfolio

Holdings Details

•
19.8% Category Average
•
14.3% Top Ten Holdings
Top 10 Holdings as of 07/31/2025
Symbol
Description
% of Net Assets
--LOS ANGELES CALIF 5%
  • 2.05%
  •  
--CALIFORNIA ST 5.25%
  • 1.73%
  •  
--CALIFORNIA INFRASTRUCTURE & EC...
  • 1.60%
  •  
--CALIFORNIA STATEWIDE CMNTYS DE...
  • 1.55%
  •  
--LOS ANGELES CALIF DEPT ARPTS R...
  • 1.46%
  •  
--SAN DIEGO CNTY CALIF REGL ARPT...
  • 1.30%
  •  
--BURBANK GLENDALE PASADENA ARPT...
  • 1.22%
  •  
--BAY AREA TOLL AUTH CALIF TOLL ...
  • 1.19%
  •  
--CALIFORNIA CMNTY CHOICE FING A...
  • 1.11%
  •  
--CALIFORNIA CMNTY CHOICE FING A...
  • 1.10%
  •  
% of portfolio in top 10 holdings: 14.31%
Country Breakdown as of 07/31/2025
Country
% of Assets
United States
96.72% 
 
Guam
1.81% 
 
Puerto Rico
1.31% 
 
American Samoa
0.16% 
 
% of portfolio in top 4 countries: 100.00%
Country Breakdown is calculated only using the long position holdings of the portfolio.
Portfolio Breakdown as of 07/31/2025
Asset Breakdown Chart
 %Long%Short%Net
•
Domestic Stock
0.010.000.01
•
U.S. Bonds
96.440.0096.44
•
Non-U.S. Bonds
3.260.003.26
•
Cash
0.290.000.29
Non-U.S. assets may include holdings that do not include a country identifier.
Sector Weightings – Fixed Income
Pie Graph
•
Municipal Tax-Exempt
95.5%
•
Municipal Taxable
4.2%
•
Cash & Equivalents
0.3%

Sector Breakdown is calculated only using the long position holdings of the portfolio.
Sector Weightings – Municipal Bonds
Pie Graph
•
Transportation
19.7%
•
Utilities
18.3%
•
Education
13.2%
•
Misc. Revenue
12.8%
•
Water/Sewer
9.4%
•
General Obligation
7.8%
•
Health
7.1%
•
Housing
5.7%
•
Non-state
Appro...
2.9%
•
Industrial
2.2%
•
State Appropriated
0.7%
•
Advance Refunded
0.3%

Sector Breakdown is calculated only using the long position holdings of the portfolio.
Credit Ratings
Pie Graph
•
AA
32.3%
•
A
28.1%
•
BBB
14.9%
•
Not Rated
10.6%
•
AAA
8.2%
•
BB
5.3%
•
B
0.5%

Credit Ratings is calculated only using the long position holdings of the portfolio.
 
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1

Investment income on some tax-free funds may be subject to certain state and local taxes and, depending on your tax status, the federal alternative minimum tax. Capital gains (if any) are not exempt from Federal taxation.

2

Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications and other factors.

  • Investors should consider carefully information contained in the prospectus, including investment objectives, risks, charges and expenses. You can view, download, and print a prospectus by selecting the "View Prospectus" link at the top of the page. If there are remaining questions, please call 1-800-435-4000. Please read the prospectus carefully before investing.
  • Morningstar proprietary ratings reflect historical risk-adjusted performance. For each fund with at least a 3-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar risk-adjusted return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. (Each share class is counted as a fraction of 1 fund within this scale and rated separately, which may cause slight variations in the distribution percentages). The top 10% of the funds in an investment category receive 5 stars, 22.5% receive 4 stars, 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star.
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  • The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not guaranteed to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
  • Market data for Daily Fund (NAVs) and charts facilitated by Fincentric™.
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