Municipal Bonds
Overview
Seeks to provide high current income exempt from regular federal income tax
About this Fund
This fund is a nationally diversified municipal bond portfolio with a focus on after-tax income and total return. The approach leverages the firm’s in-depth research to build a portfolio with a strong combination of risk and return. This fund maintains a consistent and repeatable investment process that combines quantitative and fundamental research to build effective bond portfolios.
Investment Approach
- Invests substantially all of its assets in municipal bonds that pay interest that is exempt from Federal income tax (a portion of which may be subject to the alternative minimum tax)
- Invests at least 75% of its net assets in investment grade municipal bonds
- Invests up to 25% of its net assets in high yield municipals
- May invest 25% or more of the Fund’s net assets in municipal securities from issuers located in any single state
Meet the Team
We’ve spent years developing this proprietary technology that allows us to be more nimble.
Matthew Norton—Chief Investment Officer-Municipal Bonds
Additional Information
Investment Definitions
Alpha is the risk-adjusted measurement of "excess return" over a benchmark. Beta is a measure of an investment’s volatility in comparison to the market as a whole. Duration is a measure of the sensitivity of an asset or portfolio’s price to interest rate movements. Information ratio is a measurement of portfolio returns beyond the returns of a benchmark, compared to the volatility of those returns. R-squared is the percentage of a portfolio’s price movements that can be explained by movements in a benchmark index. Sharpe ratio is a measure of the fund’s return relative to the investment risk it has taken. A higher Sharpe ratio means the fund’s returns have been better given the level of risk the fund has taken. Standard deviation is a measure of the dispersion of a portfolio’s return from its mean. Tracking error is the difference in actual performance between a portfolio and its corresponding benchmark. Up capture measures the percentage of market gains captured when markets are up. Down capture measures the percentage of market losses endured when markets are down. Yield-to-Worst (YTW) is a measure of the lowest possible yield that can be received on a bond that fully operates within the terms of its contract without defaulting. YTW is based on the underlying bonds held by the fund/account at the time it is calculated.
Risks To Consider
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Investors should consider the investment objectives, risks, charges and expenses of the Fund/Portfolio carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit our Literature Center or contact your AB representative. Please read the prospectus and/or summary prospectus carefully before investing.
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Investment Products Offered: Are Not FDIC Insured | May Lose Value | Are Not Bank Guaranteed
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