The AllianceBernstein National Municipal Income Fund (NYSE: AFB) is a diversified, closed-end management investment company that seeks to provide current income exempt from federal income taxes, consistent with the preservation of capital. The fund invests primarily in investment-grade municipal securities, including general obligation and revenue bonds issued by U.S. states, municipalities and public authorities. By focusing on issuers with strong credit fundamentals, the fund aims to deliver a reliable stream of tax-advantaged income to shareholders.
Portfolio construction is driven by a team of municipal bond specialists based in AllianceBernstein’s U.S. fixed-income group. The fund’s managers employ rigorous credit analysis to identify opportunities across a variety of sectors, such as transportation, education and healthcare, and they may selectively add exposure to insured and pre-refunded bonds to manage portfolio risk. While the fund is primarily concentrated in U.S. state and local debt, it also has the flexibility to invest up to a modest percentage in taxable municipal obligations, contingent on market conditions and relative value.
AllianceBernstein itself traces its roots to Sanford C. Bernstein & Co., founded in 1967, which merged with Alliance Capital in 2000 to create a global asset manager with a broad range of investment capabilities. The National Municipal Income Fund was launched in the mid-1990s to meet growing investor demand for professionally managed, tax-efficient municipal income. Since its initial public listing, the fund has operated under the oversight and regulatory framework of the U.S. Securities and Exchange Commission and benefits from AllianceBernstein’s research platform and global distribution network.
The fund serves a wide spectrum of investors, including high-net-worth individuals, financial advisors and institutional accounts seeking portfolio diversification and tax-advantaged yield. AllianceBernstein’s executive leadership team, led by seasoned professionals with decades of experience in fixed-income management, provides ongoing oversight. The fund’s board of directors, comprised of independent members and representatives from AllianceBernstein, supervises investment policy, risk management and corporate governance to align the fund’s activities with shareholder interests.
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