Fund Evaluator:
AB Municipal Income II Massachusetts A (AMAAX)
Follow This Fund
Best Performing in Muni Massachusetts Over the Last Year
| 4.9% | Vanguard MA Tax-Exempt Inv (VMATX) |
| 4.0% | Fidelity Massachusetts Municipal Income (FDMMX) |
| 3.1% | Columbia Massachusetts Itmt MuncplBdInst (SEMAX) |
| 2.5% | BNY Mellon MA Interm Muni Bd M (MMBMX) |
Fund Details
AB Municipal Income II Massachusetts A Overview
AB Municipal Income II Massachusetts A (AMAAX) is an actively managed Municipal Bond Muni Massachusetts fund. AllianceBernstein launched the fund in 1994.
The investment seeks to earn the highest level of current income exempt from both federal income tax and Commonwealth of Massachusetts personal income tax that is available without assuming what the Adviser considers to be undue risk. The fund 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 federal AMT for certain taxpayers. It normally invests at least 80% of its net assets in municipal securities of Massachusetts or municipal securities with interest that is otherwise exempt from Massachusetts state income tax.
About AB Municipal Income II Massachusetts A (AMAAX)
There are 3 members of the management team with an average tenure of 7.48 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 Municipal Income II Massachusetts A has 171 securities in its portfolio. The top 10 holdings constitute 18.2% 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 Municipal Income II Massachusetts A is part of the Fixed Income global asset class and is within the Municipal Bond fund group. AB Municipal Income II Massachusetts A has 6.0% 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 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 97.5% (91.6% domestic bond, 6.0% foreign bond and 0.0% convertible bond). AB Municipal Income II Massachusetts A has 2.5% of the portfolio in cash.
Assets Under Management
The fund has $78 million in total assets, which is below the $216 million average for the Muni Massachusetts 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.
AMAAX 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 Municipal Income II Massachusetts A expense ratio is above average compared to funds in the Muni Massachusetts category. AB Municipal Income II Massachusetts A has an expense ratio of 0.77%, which is 6% 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 Municipal Income II Massachusetts A has a portfolio turnover rate of 14%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 25% for the Muni Massachusetts category.
Recently, in the month of August 2026, AB Municipal Income II Massachusetts A returned -0.4%, which earned it a grade of F, as the Muni Massachusetts category had an average return of -0.2%. 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 Municipal Income II Massachusetts A has a trailing yield of 3.07%, which is above the 2.97% 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 Municipal Income II Massachusetts A Grades
Year to date, the fund has returned 0.3%, 0.1 percentage points better than the category, which translates into a grade of C. The fund has returned 4.1% over the past year (grade of D), 2.9% over the past three years (grade of C) and 0.0% per year over the past five years (grade of B) and 1.4% per year over the past 10 years (grade of B).
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AMAAX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| AMAAX Return (NAV) | -0.4% | -1.3% | 4.1% | 2.9% | 0.0% | 1.4% |
| AMAAX Grade | F | D | D | C | B | B |
| +/- Category | -0.2% | -0.1% | -0.1% | 0.0% | 0.2% | 0.2% |
| Muni Massachusetts Avg | -0.2% | -1.2% | 4.2% | 2.9% | -0.1% | 1.2% |
| AMAAX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
AMAAX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| AMAAX Return (NAV) | 0.3% | 3.0% | 1.2% | 5.5% | -9.6% | 2.6% | 4.9% | 6.7% | -0.1% | 4.5% | 0.0% |
| AMAAX Grade | C | C | D | D | B | A | A | C | D | C | B |
| +/- Category | 0.1% | -0.2% | -0.0% | 0.0% | 0.3% | 1.4% | 0.7% | -0.1% | -0.3% | -0.0% | 0.2% |
| Muni Massachusetts Avg | 0.2% | 3.2% | 1.2% | 5.5% | -9.9% | 1.2% | 4.2% | 6.8% | 0.2% | 4.5% | -0.2% |
| Risk Measures | |
| Standard Deviation: | 5.4% |
| Total Risk Index: | 0.45 - Low |
| Category Risk Index: | 1.01 - Average |
| Category Risk Grade: | C (53% Rank) |
| Beta: | 0.95 |
| R-Squared: | 97% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 3.1% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $278 Mil |
| Fund Total Assets: | $ 78 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 14% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 10.6 years | |||
| Average Tenure: 7.5 years | |||
| Managers (Year): Norton Matthew (2016), Potter Andrew (2018), Clements Daryl (2022) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 171 |
| % in Top 10 Holdings: | 18.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 6.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 91.6% |
| Foreign Bond: | 6.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.5% |
Purchase Information
| Fund Family: | AllianceBernstein |
| Phone Number: | 800-227-4618 |
| Website: | www.AllianceBernstein.com |
| Status: | Open |
| Inception Date: | March 29, 1994 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $2,500 |
| True No-Load: | No |
| Front Load Maximum: | 3.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 0.77% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.82% |
| Share Class: | AB Municipal Income II Massachusetts A |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 50 |
