Fund Evaluator:
abrdn Ultra Short Municipal Inc A (ATOAX)
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Fund Details
abrdn Ultra Short Municipal Inc A Overview
abrdn Ultra Short Municipal Inc A (ATOAX) is an actively managed Municipal Bond Muni National Short fund. Aberdeen launched the fund in 2004.
The investment seeks high after-tax current income consistent with preservation of capital. The fund invests its assets in a combination of tax-exempt obligations and taxable debt obligations. Under normal circumstances, it invests at least 80% of its net assets in tax-exempt obligations. The fund's average portfolio maturity, at the time of investment, will be two years or less. The obligations in which the fund invests must, at the time of investment, be rated investment grade, as determined by the various rating agencies, or if unrated, of comparable quality as determined by the Adviser.
About abrdn Ultra Short Municipal Inc A (ATOAX)
There are 2 members of the management team with an average tenure of 10.51 years: Jonathan Mondillo (2015), Miguel Laranjeiro (2016). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg Municipal 1 Yr 1-2 TR USD index with a weighting of 100%. abrdn Ultra Short Municipal Inc A has 140 securities in its portfolio. The top 10 holdings constitute 28.0% 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.
abrdn Ultra Short Municipal Inc A is part of the Fixed Income global asset class and is within the Municipal Bond fund group. abrdn Ultra Short Municipal Inc A has 0.0% 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 96.6% (96.6% domestic bond, 0.0% foreign bond and 0.0% convertible bond). abrdn Ultra Short Municipal Inc A has 3.4% of the portfolio in cash.
Assets Under Management
The fund has $503 million in total assets, which is below the $633 million average for the Muni National Short 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.
ATOAX 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 abrdn Ultra Short Municipal Inc A expense ratio is above average compared to funds in the Muni National Short category. abrdn Ultra Short Municipal Inc A has an expense ratio of 0.70%, which is 21% higher than its category average, making the fund expense ratio grade a D. 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. abrdn Ultra Short Municipal Inc A has a portfolio turnover rate of 154%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 51% for the Muni National Short category.
Recently, in the month of July 2026, abrdn Ultra Short Municipal Inc A returned 0.2%, which earned it a grade of A, as the Muni National Short category had an average return of -0.5%. 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.
abrdn Ultra Short Municipal Inc A has a trailing yield of 2.46%, which is below the 2.78% 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.
abrdn Ultra Short Municipal Inc A Grades
Year to date, the fund has returned 1.3%, 0.5 percentage points better than the category, which translates into a grade of A. The fund has returned 2.5% over the past year (grade of C), 3.1% over the past three years (grade of D) and 2.4% per year over the past five years (grade of A) and 1.6% per year over the past 10 years (grade of C).
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ATOAX 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 |
|
| ATOAX Return (NAV) | 0.2% | 0.6% | 2.5% | 3.1% | 2.4% | 1.6% |
| ATOAX Grade | A | A | C | D | A | C |
| +/- Category | 0.7% | 0.5% | -0.2% | -0.1% | 0.9% | 0.1% |
| Muni National Short Avg | -0.5% | 0.1% | 2.7% | 3.2% | 1.5% | 1.5% |
| ATOAX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
ATOAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| ATOAX Return (NAV) | 1.3% | 2.8% | 3.6% | 3.6% | 0.8% | -0.1% | 0.7% | 1.3% | 1.2% | 0.7% | 0.3% |
| ATOAX Grade | A | F | A | D | A | D | F | F | C | F | A |
| +/- Category | 0.5% | -1.2% | 1.0% | -0.3% | 4.0% | -0.5% | -1.8% | -2.1% | 0.0% | -1.2% | 0.5% |
| Muni National Short Avg | 0.8% | 4.0% | 2.6% | 3.9% | -3.2% | 0.4% | 2.4% | 3.4% | 1.2% | 1.9% | -0.1% |
| Risk Measures | |
| Standard Deviation: | 0.2% |
| Total Risk Index: | 0.02 - Low |
| Category Risk Index: | 0.10 - Low |
| Category Risk Grade: | A (1% Rank) |
| Beta: | 0.01 |
| R-Squared: | 16% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 2.5% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $1126 Mil |
| Fund Total Assets: | $ 503 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 154% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 11.4 years | |||
| Average Tenure: 10.5 years | |||
| Managers (Year): Mondillo Jonathan (2015), Laranjeiro Miguel (2016) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 140 |
| % in Top 10 Holdings: | 28.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 96.6% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 3.4% |
Purchase Information
| Fund Family: | Aberdeen |
| Phone Number: | 866-667-9231 |
| Website: | www.aberdeen-asset.us |
| Status: | Open |
| Inception Date: | March 30, 2004 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $1,000 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 0.70% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.58% |
| Share Class: | abrdn Ultra Short Municipal Inc Instl |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 50 |
