Fund Evaluator:
AB High Income Municipal Advisor (ABTYX)
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Fund Details
AB High Income Municipal Advisor Overview
AB High Income Municipal Advisor (ABTYX) is an actively managed Municipal Bond High Yield Muni fund. AllianceBernstein launched the fund in 2010.
The investment seeks 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 that may be non-investment grade or investment grade. It normally invests 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 AMT for certain taxpayers. The fund may invest without limit in lower-rated securities.
About AB High Income Municipal Advisor (ABTYX)
There are 3 members of the management team with an average tenure of 7.40 years: Daryl Clements (2022), Matthew Norton (2016), Andrew Potter (2018). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Bloomberg Municipal TR USD index with a weighting of 100%. AB High Income Municipal Advisor has 869 securities in its portfolio. The top 10 holdings constitute 8.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
AB High Income Municipal Advisor is part of the Fixed Income global asset class and is within the Municipal Bond fund group. AB High Income Municipal Advisor has 7.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.2% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 99.1% (91.8% domestic bond, 7.3% foreign bond and 0.0% convertible bond). AB High Income Municipal Advisor has 0.7% of the portfolio in cash.
Assets Under Management
The fund has $2 billion in total assets, which is above the $803 million average for the High Yield Muni category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
ABTYX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The AB High Income Municipal Advisor expense ratio is high compared to funds in the High Yield Muni category. AB High Income Municipal Advisor has an expense ratio of 0.87%, which is 11% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. AB High Income Municipal Advisor has a portfolio turnover rate of 24%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 51% for the High Yield Muni category.
Recently, in the month of July 2026, AB High Income Municipal Advisor returned -2.5%, which earned it a grade of F, as the High Yield Muni category had an average return of -1.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
AB High Income Municipal Advisor has a trailing yield of 4.37%, which is below the 4.46% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
AB High Income Municipal Advisor Grades
Year to date, the fund has returned 1.0%, 0.6 percentage points worse than the category, which translates into a grade of F. The fund has returned 7.6% over the past year (grade of B), 4.5% over the past three years (grade of B) and 0.0% per year over the past five years (grade of D) and 2.6% per year over the past 10 years (grade of C).
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ABTYX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| ABTYX Return (NAV) | -2.5% | -0.2% | 7.6% | 4.5% | 0.0% | 2.6% |
| ABTYX Grade | F | F | B | B | D | C |
| +/- Category | -0.7% | -0.3% | 0.7% | 0.4% | -0.2% | 0.1% |
| High Yield Muni Avg | -1.8% | 0.1% | 6.9% | 4.1% | 0.3% | 2.5% |
| ABTYX Tax Cost Ratio | na | na | 0.4% | 0.2% | 0.1% | 0.0% |
ABTYX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| ABTYX Return (NAV) | 1.0% | 4.4% | 4.6% | 6.6% | -15.2% | 6.5% | 5.1% | 10.9% | 1.0% | 10.2% | 0.2% |
| ABTYX Grade | F | A | D | C | D | A | B | A | D | A | D |
| +/- Category | -0.6% | 1.9% | -0.6% | -0.2% | -2.0% | 1.0% | 1.3% | 1.7% | -1.0% | 2.2% | -1.3% |
| High Yield Muni Avg | 1.5% | 2.5% | 5.2% | 6.8% | -13.1% | 5.5% | 3.8% | 9.2% | 2.0% | 8.0% | 1.5% |
| Risk Measures | |
| Standard Deviation: | 8.3% |
| Total Risk Index: | 0.68 - Below Average |
| Category Risk Index: | 1.27 - High |
| Category Risk Grade: | F (94% Rank) |
| Beta: | 1.41 |
| R-Squared: | 95% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 4.4% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $2748 Mil |
| Fund Total Assets: | $2,067 Mil |
| Share Class Type: | Adv |
| Portfolio Turnover: | 24% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 10.5 years | |||
| Average Tenure: 7.4 years | |||
| Managers (Year): Norton Matthew (2016), Potter Andrew (2018), Clements Daryl (2022) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 869 |
| % in Top 10 Holdings: | 8.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 7.3% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.2% |
| Domestic Bond: | 91.8% |
| Foreign Bond: | 7.3% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.7% |
Purchase Information
| Fund Family: | AllianceBernstein |
| Phone Number: | 800-227-4618 |
| Website: | www.AllianceBernstein.com |
| Status: | Open |
| Inception Date: | January 26, 2010 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.87% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.98% |
| Share Class: | AB High Income Municipal Advisor |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
