AAZCX: AB Municipal Income II Arizona C

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AAZCX AB Municipal Income II Arizona C


Profile

AAZCX - Profile

Vitals

  • YTD Return -3.4%
  • 3 Yr Annualized Return -0.1%
  • 5 Yr Annualized Return -0.4%
  • Net Assets $122 M
  • Holdings in Top 10 31.1%

52 WEEK LOW AND HIGH

$10.92
$10.21
$11.57

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.76%

SALES FEES

  • Front Load N/A
  • Deferred Load 1.00%

BROKERAGE FEES

  • Turnover 12.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

  • Standard (Taxable) $2,500
  • IRA $2,500

Fund Classification


Distributions

  • YTD Total Return -3.4%
  • 3 Yr Annualized Total Return -0.1%
  • 5 Yr Annualized Total Return -0.4%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.15%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    AB Municipal Income Fund II Arizona Portfolio
  • Fund Family Name
    AllianceBernstein
  • Inception Date
    Jun 01, 1994
  • Shares Outstanding
    N/A
  • Share Class
    C
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Terrance Hults

Fund Description

The fund principally invests in high-yielding, predominantly investment grade municipal securities. It invests at least 80% of its net assets in municipal securities that pay interest that is exempt from federal income tax.


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Categories

Performance

AAZCX - Performance

Return Ranking - Trailing

Period AAZCX Return Category Return Low Category Return High Rank in Category (%)
YTD -3.4% -23.6% 195.6% 79.18%
1 Yr -1.5% -22.3% 190.1% 80.92%
3 Yr -0.1%* -7.3% 7.2% 64.13%
5 Yr -0.4%* -6.0% 12.0% 52.64%
10 Yr 0.1%* -5.4% 3.9% 56.67%

* Annualized

Return Ranking - Calendar

Period AAZCX Return Category Return Low Category Return High Rank in Category (%)
2019 3.9% -4.3% 18.3% 52.97%
2018 -2.2% -11.7% 4.6% 40.66%
2017 2.0% -6.0% 8.3% 20.95%
2016 -2.2% -7.8% 7.7% 64.33%
2015 0.2% -18.3% 3.0% 8.45%

Total Return Ranking - Trailing

Period AAZCX Return Category Return Low Category Return High Rank in Category (%)
YTD -3.4% -23.6% 195.6% 79.18%
1 Yr -1.5% -22.3% 190.1% 80.92%
3 Yr -0.1%* -7.3% 9.3% 68.92%
5 Yr -0.4%* -6.0% 12.0% 61.48%
10 Yr 0.2%* -5.4% 6.7% 65.74%

* Annualized

Total Return Ranking - Calendar

Period AAZCX Return Category Return Low Category Return High Rank in Category (%)
2019 3.9% -4.3% 18.3% 54.07%
2018 -2.2% -11.7% 6.5% 49.14%
2017 2.0% -6.0% 10.4% 32.07%
2016 -2.2% -7.8% 10.7% 66.87%
2015 0.2% -12.6% 4.2% 14.82%

NAV & Total Return History


Holdings

AAZCX - Holdings

Concentration Analysis

AAZCX Category Low Category High AAZCX % Rank
Net Assets 122 M 652 K 269 B 83.75%
Number of Holdings 94 1 17723 83.72%
Net Assets in Top 10 37.4 M -216 M 24.5 B 75.86%
Weighting of Top 10 31.09% 2.4% 100.0% 27.12%

Top 10 Holdings

  1. MESA ARIZ EXCISE TAX REV 5% 4.56%
  2. ARIZONA BRD REGENTS UNIV ARIZ SYS REV 5% 3.63%
  3. BUCKEYE ARIZ EXCISE TAX REV 5% 3.41%
  4. MARICOPA CNTY ARIZ SPL HEALTH CARE DIST 5% 3.15%
  5. ARIZONA HEALTH FACS AUTH REV 5% 2.88%
  6. SALT VERDE FINL CORP SR GAS REV ARIZ 5% 2.88%
  7. PINAL CNTY ARIZ REV OBLIGS 5% 2.74%
  8. ARIZONA ST TRANSN BRD HWY REV 5% 2.74%
  9. PHOENIX ARIZ CIVIC IMPT CORP ARPT REV 5% 2.58%
  10. MCALLISTER ACADEMIC VLG ARIZ LLC REV D/B/A HASSAYAMPA ACADEMIC VILLAGE 5% 2.52%

Asset Allocation

Weighting Return Low Return High AAZCX % Rank
Bonds
97.55% 80.16% 159.74% 46.87%
Cash
2.46% -59.74% 19.63% 42.98%
Stocks
0.00% -0.38% 24.73% 52.23%
Preferred Stocks
0.00% 0.00% 7.43% 56.66%
Other
0.00% -4.63% 28.26% 53.17%
Convertible Bonds
0.00% 0.00% 7.24% 71.18%

Bond Sector Breakdown

Weighting Return Low Return High AAZCX % Rank
Municipal
97.54% 0.00% 100.11% 30.58%
Cash & Equivalents
2.46% -29.57% 39.95% 48.23%
Derivative
0.00% -0.83% 31.05% 55.01%
Securitized
0.00% 0.00% 98.30% 75.65%
Corporate
0.00% 0.00% 99.29% 79.68%
Government
0.00% -2.21% 122.41% 78.10%

Bond Geographic Breakdown

Weighting Return Low Return High AAZCX % Rank
US
94.30% 61.81% 156.78% 46.22%
Non US
3.25% -17.15% 26.76% 50.86%

Expenses

AAZCX - Expenses

Operational Fees

AAZCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.76% 0.01% 34.57% 6.65%
Management Fee 0.45% 0.00% 1.10% 69.03%
12b-1 Fee 1.00% 0.00% 1.00% 90.39%
Administrative Fee N/A 0.00% 0.50% N/A

Sales Fees

AAZCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 5.75% N/A
Deferred Load 1.00% 0.25% 5.50% 53.97%

Trading Fees

AAZCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 2.00% 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.

AAZCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 12.00% 0.00% 489.00% 11.87%

Distributions

AAZCX - Distributions

Dividend Yield Analysis

AAZCX Category Low Category High AAZCX % Rank
Dividend Yield 0.00% 0.00% 3.57% 70.03%

Dividend Distribution Analysis

AAZCX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Quarterly Monthly Monthly

Net Income Ratio Analysis

AAZCX Category Low Category High AAZCX % Rank
Net Income Ratio 2.15% -0.20% 6.30% 72.38%

Capital Gain Distribution Analysis

AAZCX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Dividend Payout History

View More +

Fund Manager Analysis

AAZCX - Fund Manager Analysis

Managers

Terrance Hults


Start Date

Tenure

Tenure Rank

Jun 01, 1995

24.76

24.8%

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

Robert Davidson


Start Date

Tenure

Tenure Rank

Dec 31, 2002

17.18

17.2%

R. B. (Guy) Davidson III is Chief Investment Officer of Municipal Business. He joined the firm as director of Municipal Bonds in 1992, and under his leadership, the assets under management of the municipal business have grown from less than $1 billion to more than $44 billion today. Davidson is Chairman of the Tax-Exempt Fixed Income Investment Policy Group, which determines portfolio strategy and investment policies for all municipal products. Before joining the firm, he was vice president and head of municipal strategies at J.P. Morgan Securities and an associate economist at Lehman Brothers. Davidson is the author of “The Value of Tax Management for Bond Portfolios,” published in The Journal of Private Portfolio Management, Spring 1999; “Maximizing Expected After-Tax Returns,” published by Probus in 1994 in the Handbook of Municipal Bonds; and “Analyzing Quality Spreads,” published in The Municipal Finance Journal in 1991. He was named to the Institutional Investor’s All-America Research Team in 1992. Davidson holds a BA with honors from the College of Social Studies within Wesleyan University and an MBA from the Leonard N. Stern School of Business at New York University. Location: New York

Matthew Norton


Start Date

Tenure

Tenure Rank

Jan 28, 2016

4.09

4.1%

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

Sep 28, 2018

1.42

1.4%

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
0.01 33.27 7.41 0.16