AllianceBernstein National Municipal Income Fund

Frequently Asked Questions About AFB

What does AFB invest in?

AllianceBernstein National Municipal Income Fund, Inc. is a closed-ended fixed income mutual fund launched and managed by AllianceBernstein L.P. The fund invests in the fixed income markets of the United States. It primarily invests in investment-grade municipal securities which pay interest that is exempt from federal income tax. The fund seeks to invest in bonds rated Baa/BBB or higher. It employs both quantitative and fundamental analysis to create its portfolio. AllianceBernstein National Municipal Income Fund, Inc. was formed on November 9, 2001 and is domiciled in the United States.

What is the expense ratio of AFB?

AllianceBernstein National Municipal Income Fund (AFB) charges an expense ratio of 3.68%. This is the annual fee deducted from fund assets to cover management and operations.

What is AFB's dividend yield?

AFB's trailing-twelve-month yield is 5.36%, calculated from the sum of dividends over the past year divided by the current price.

What is the duration of AFB?

Effective duration measures AFB's sensitivity to interest-rate changes — a duration of 6 means a 1% rate move shifts NAV by roughly 6% in the opposite direction. AFB's current duration is published on the fund's factsheet on the issuer's website.

What is the credit quality of AFB?

AFB's credit quality breakdown — the share of holdings rated AAA through CCC and below — is published on the fund's factsheet. Higher-quality (investment-grade) funds yield less but carry less default risk than high-yield / junk bond funds.

What is the yield to maturity of AFB?

Yield to maturity (YTM) is the total return you'd earn from AFB if every bond in the portfolio is held to maturity at the current price. AFB's YTM is published on the fund's factsheet on the issuer's website — it differs from the trailing-12-month yield because YTM reflects current bond prices rather than historical income paid.