Fund Evaluator:
AB Diversified Municipal (SNDPX)
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Best Performing in Muni National Interm Over the Last Year
| 6.7% | Sit Tax-Free Income (SNTIX) |
| 4.6% | Goldman Sachs Dynamic Municipal Inc Inv (GUIRX) |
| 4.6% | Putnam Strategic Intermediate Muncpl Y (PAMYX) |
| 4.3% | Brown Advisory Tax Exempt Bond Investor (BIAEX) |
| 4.2% | Victory Tax Exempt Intermediate-Term (USATX) |
Fund Details
AB Diversified Municipal Overview
AB Diversified Municipal (SNDPX) is an actively managed Municipal Bond Muni National Interm fund. AllianceBernstein launched the fund in 1989.
The investment seeks to provide safety of principal and maximize total return after taking account of federal taxes. The fund invests at least 80% of its net assets in municipal securities. It invests at least 80% of its total assets in municipal securities rated A, or better by NRSROs and comparably rated municipal notes.
About AB Diversified Municipal (SNDPX)
There are 3 members of the management team with an average tenure of 7.71 years: Daryl Clements (2022), Matthew Norton (2016), Andrew Potter (2018). 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 1-10 year Blend TR USD index with a weighting of 100%. AB Diversified Municipal has 1141 securities in its portfolio. The top 10 holdings constitute 7.5% 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.
AB Diversified Municipal is part of the Fixed Income global asset class and is within the Municipal Bond fund group. AB Diversified Municipal has 0.7% 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 97.3% (96.5% domestic bond, 0.7% foreign bond and 0.0% convertible bond). AB Diversified Municipal has 2.8% of the portfolio in cash.
Assets Under Management
The fund has $3 billion in total assets, which is above the $1 billion average for the Muni National Interm 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.
SNDPX 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 AB Diversified Municipal expense ratio is average compared to funds in the Muni National Interm category. AB Diversified Municipal has an expense ratio of 0.49%, which is 29% lower than its category average, making the fund expense ratio grade a B. 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. AB Diversified Municipal has a portfolio turnover rate of 26%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 38% for the Muni National Interm category.
Recently, in the month of August 2026, AB Diversified Municipal returned 0.1%, which earned it a grade of A, as the Muni National Interm category had an average return of -0.1%. 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.
AB Diversified Municipal has a trailing yield of 2.87%, which is below the 3.27% 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.
AB Diversified Municipal Grades
Year to date, the fund has returned 0.3%, 0.1 percentage points better than the category, which translates into a grade of C. The fund has returned 3.0% over the past year (grade of F), 3.5% over the past three years (grade of C) and 1.2% per year over the past five years (grade of A) and 1.8% per year over the past 10 years (grade of C).
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SNDPX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| SNDPX Return (NAV) | 0.1% | -0.8% | 3.0% | 3.5% | 1.2% | 1.8% |
| SNDPX Grade | A | B | F | C | A | C |
| +/- Category | 0.2% | 0.2% | -0.7% | 0.0% | 0.5% | 0.1% |
| Muni National Interm Avg | -0.1% | -1.0% | 3.7% | 3.5% | 0.6% | 1.7% |
| SNDPX Tax Cost Ratio | na | na | -0.0% | 0.0% | 0.0% | 0.0% |
SNDPX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SNDPX Return (NAV) | 0.3% | 4.5% | 2.2% | 5.1% | -5.8% | 1.4% | 4.1% | 5.6% | 0.9% | 3.0% | -0.3% |
| SNDPX Grade | C | B | B | F | A | C | C | F | B | F | C |
| +/- Category | 0.1% | 0.3% | 0.3% | -0.7% | 2.4% | -0.3% | -0.1% | -1.0% | 0.2% | -1.7% | -0.2% |
| Muni National Interm Avg | 0.3% | 4.2% | 2.0% | 5.7% | -8.2% | 1.7% | 4.3% | 6.7% | 0.8% | 4.7% | -0.2% |
| Risk Measures | |
| Standard Deviation: | 3.5% |
| Total Risk Index: | 0.29 - Low |
| Category Risk Index: | 0.75 - Low |
| Category Risk Grade: | A (4% Rank) |
| Beta: | 0.62 |
| R-Squared: | 97% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 2.9% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $5220 Mil |
| Fund Total Assets: | $3,628 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 26% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 10.6 years | |||
| Average Tenure: 7.7 years | |||
| Managers (Year): Norton Matthew (2016), Potter Andrew (2018), Clements Daryl (2022) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 1141 |
| % in Top 10 Holdings: | 7.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.7% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 96.5% |
| Foreign Bond: | 0.7% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.8% |
Purchase Information
| Fund Family: | AllianceBernstein |
| Phone Number: | 212-486-5800 |
| Website: | www.bernstein.com |
| Status: | Open |
| Inception Date: | January 9, 1989 |
| Min. Initial Purchase: | $25,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.49% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.69% |
| Share Class: | AB Diversified Municipal |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
