AB Tax-Aware Real Return Income Shares
Data updated: 2024-03-28
C000099557 — AB Tax-Aware Real Return Income Shares. Long Municipal - National Bond · $2.45M AUM. Holdings, fees, performance and SEC filings.
C000099557 Fund Overview
AB Tax-Aware Real Return Income Shares is a US mutual fund managed by Ab Corporate Shares, categorised as Long Municipal - National Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Ab Corporate Shares
- Category: Long Municipal - National Bond
- Assets under management: $2.45M
- 1-year return: 4.0%
- SEC CIK: 0001274676
- SEC series ID: S000031982
- Share class ID: C000099557
C000099557 Investment Objective and Strategy
AB Tax-Aware Real Return Income Shares describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Ab Corporate Shares.
Investment objective
The investment objective of the Fund is to maximize real after-tax return for investors subject to federal income taxation.
Principal investment strategy
The Fund seeks real after-tax return for separately managed account (?SMA?) investors in wrap fee programs or investors in other eligible investment programs who are subject to federal income taxes. Real return is the rate of total return (including income and capital gains) after adjusting for inflation. The Fund is not designed as a stand-alone investment. Its performance and objectives should be evaluated only in the broader context of an SMA investor?s account, of which an investment in the Fund is only a part. The Fund pursues its objective by investing primarily in municipal securities that pay interest exempt from federal taxation and by using inflation protection derivatives instruments, such as inflation swap agreements, as described below. Municipal securities may pay interest that is subject to the federal alternative minimum tax (?AMT?) for certain taxpayers.
The Adviser selects securities for purchase or sale based on its assessment of the securities? risk and return characteristics as well as the securities? impact on the overall risk and return characteristics of the Fund. In making this assessment, the Adviser takes into account various factors including the credit quality and sensitivity to interest rates of the securities under consideration and of the Fund?s other holdings. The Fund may invest in fixed-income securities with any maturity or duration and investment grade bonds subject to taxation if the Adviser determines that they offer higher after-tax returns than comparable municipal bonds. While the Fund currently expects to invest principally in investment grade securities, the Fund may invest without limit in fixed-income securities that are not investment grade (?junk bonds?).
The Fund may make significant use of derivatives, including swaps, futures, options and forwards. To provide inflation protection, the Fund will enter into various kinds of inflation swap agreements. The Fund may use other inflation-protected instruments as well. Payments to the Fund pursuant to swap agreements will result in taxable income, either ordinary income or capital gains, rather than income exempt from federal taxation. Because the Fund is expected to be a significant vehicle for SMA investors and other investment program investors to achieve inflation protection for some or all of their overall accounts, the Fund may at times seek a substantial amount of inflation protection and, consequently, may generate substantial taxable income. It is expected that the Fund?s primary use of derivatives will be for the purposes of inflation protection.
The Fund may also invest in: tender option bond transactions (?TOBs?); forward commitments; zero-coupon municipal securities and variable, floating and inverse floating rate municipal securities; and certain types of mortgage-related securities. The Fund may make short sales of securities or maintain a short position, and may use other investment techniques. The Fund may use leverage for investment purposes to increase income through the use of the cash made available by TOBs and derivative instruments, such as interest rate swaps, to make other investments in accordance with its investment objective.
C000099557 Holdings
Top 10 holdings of AB Tax-Aware Real Return Income Shares by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| JEA Water & Sewer System Revenue | 4.08% |
| Washington State Housing Finance Commission | 4.08% |
| Maryland Health & Higher Educational Facilities Authority | 4.08% |
| Arizona Industrial Development Authority | 4.08% |
| California Statewide Communities Development Authority | 4.08% |
| Arizona Health Facilities Authority | 4.08% |
| City of New York NY | 4.08% |
| Maryland Health & Higher Educational Facilities Authority | 4.08% |
| Pennsylvania Turnpike Commission | 4.08% |
| Long Island Power Authority | 4.08% |
C000099557 Portfolio Allocation
Asset-class allocation of AB Tax-Aware Real Return Income Shares by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 85.0% |
| Real Estate | 4.6% |
C000099557 Performance
Total returns for C000099557 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 4.0% |
| 3 years (annualised) | 5.2% |
C000099557 Risk Information
Risk metrics for C000099557, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 5.3%
C000099557 Costs and Fees
C000099557 costs about $1 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.01%
- Gross expense ratio: 0.01%
- Portfolio turnover: 4%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
C000099557 Cashflows
Over the 12 months to 2024-01, AB Tax-Aware Real Return Income Shares had net outflows of $5.29M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2024-01 | −$2.45M |
| 2023-12 | −$2.53M |
| 2023-11 | $0 |
| 2023-10 | −$39.81K |
| 2023-09 | −$306.45K |
| 2023-08 | $41.81K |
C000099557 Debt Constituents
Largest debt holdings of AB Tax-Aware Real Return Income Shares by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| JEA Water & Sewer System Revenue | 4.08% |
| Washington State Housing Finance Commission | 4.08% |
| Maryland Health & Higher Educational Facilities Authority | 4.08% |
| Arizona Industrial Development Authority | 4.08% |
| California Statewide Communities Development Authority | 4.08% |
| Arizona Health Facilities Authority | 4.08% |
| City of New York NY | 4.08% |
| Maryland Health & Higher Educational Facilities Authority | 4.08% |
| Pennsylvania Turnpike Commission | 4.08% |
| Long Island Power Authority | 4.08% |
C000099557 Prospectus and SEC Filings
Official AB Tax-Aware Real Return Income Shares filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2023-08-25
- Prospectus (485BPOS) — filed 2022-08-25
- Prospectus (485BPOS) — filed 2021-08-27
- Portfolio holdings (N-PORT) — filed 2024-03-28
- Portfolio holdings (N-PORT) — filed 2023-12-21
- Portfolio holdings (N-PORT) — filed 2023-09-26
- Annual census (N-CEN) — filed 2023-07-07
- Annual census (N-CEN) — filed 2022-07-05
Related Funds
Other Long Municipal - National Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.