AllianceBernstein National Municipal Income Fund, Inc. Releases Monthly Portfolio Update
Rhea-AI Summary
AllianceBernstein National Municipal Income Fund (NYSE: AFB) released its monthly portfolio update as of March 31, 2026. Key portfolio metrics include Total Net Assets $338.21 million, NAV $11.77, Total Fund Leverage 40.63% and Effective Duration 12.60 years.
Top sector weight is Airport 13.48%, AMT exposure is 22.35%, average coupon is 5.09%, and the largest holding is San Francisco Intl Airport Series 2026-2 at 3.68%.
Positive
- Total Net Assets of $338.21 million provides clear asset scale
- NAV reported at $11.77 per common share
- Average coupon of 5.09% supports current income generation
- High allocation to investment-grade credits (AAA+AA+A = 68.98%)
Negative
- Total Fund Leverage 40.63% increases sensitivity to rate and liquidity risk
- Effective Duration 12.60 years implies substantial interest-rate sensitivity
- Outstanding VRDP liability $100,000,000 is treated as a liability on the balance sheet
- Portfolio turnover 56% may increase trading costs and tax events
News Market Reaction – AFB
In the Apr 28 session, AFB gained 0.45%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
AllianceBernstein National Municipal Income Fund, Inc. | ||
Top 10 Fixed-Income Holdings | Portfolio % | |
1) San Francisco Intl Airport Series 2026-2 | 3.68 % | |
2) Melissa Independent School District Series 2024-2 | 2.09 % | |
3) Commonwealth of Massachusetts Series 2025-2 | 1.98 % | |
4) New York Transportation Development Corp. Series 2024 Zero Coupon, 12/31/54 | 1.92 % | |
5) Oklahoma Turnpike Authority Series 2023 | 1.86 % | |
6) State of Hawaii Airports System Revenue Series 2025-2 | 1.85 % | |
7) Metropolitan Washington Airports Authority Aviation Revenue Series 2025-2 | 1.84 % | |
8) Dallas Independent School District Series 2024-2 | 1.84 % | |
9) City of Atlanta GA Department of Aviation Series 2025-2 | 1.83 % | |
10) Worthington City School District Series 2025-2 | 1.83 % | |
Sector/Industry Breakdown | Portfolio % | |
Revenue | ||
Airport | 13.48 % | |
Health Care - Not-for-Profit | 10.98 % | |
Revenue - Miscellaneous | 7.17 % | |
Toll Roads/Transit | 5.73 % | |
Industrial Development - Airline | 5.10 % | |
Prepay Energy | 4.58 % | |
Primary/Secondary Ed. - Public | 4.00 % | |
Higher Education - Private | 3.80 % | |
Port | 2.27 % | |
Industrial Development - Industry | 1.95 % | |
Higher Education - Public | 1.75 % | |
Senior Living | 1.51 % | |
Electric Utility | 1.11 % | |
Water & Sewer | 0.80 % | |
Tobacco Securitization | 0.29 % | |
Primary/Secondary Ed. - Private | 0.17 % | |
SUBTOTAL | 64.69 % | |
Tax Supported | ||
Local G.O. | 10.22 % | |
State G.O. | 6.68 % | |
Special Tax | 4.95 % | |
Local Lease | 1.47 % | |
Assessment District | 0.36 % | |
SUBTOTAL | 23.68 % | |
Guaranteed | 9.78 % | |
Asset-Backed | ||
Housing - Multi-Family | 1.35 % | |
SUBTOTAL | 1.35 % | |
Commercial Mortgage-Backed Securities | ||
Agency CMBS | 0.36 % | |
Non-Agency Fixed Rate CMBS | 0.12 % | |
SUBTOTAL | 0.48 % | |
Prerefunded/ETM | 0.02 % | |
Total | 100.00 % | |
State Breakdown | Portfolio % | |
13.45 % | ||
12.18 % | ||
8.15 % | ||
7.81 % | ||
7.73 % | ||
6.16 % | ||
6.10 % | ||
4.19 % | ||
4.11 % | ||
2.83 % | ||
2.82 % | ||
2.57 % | ||
2.24 % | ||
2.09 % | ||
1.99 % | ||
1.93 % | ||
1.89 % | ||
1.85 % | ||
1.27 % | ||
0.96 % | ||
0.92 % | ||
0.82 % | ||
0.75 % | ||
0.74 % | ||
0.68 % | ||
0.67 % | ||
0.52 % | ||
0.44 % | ||
0.36 % | ||
0.36 % | ||
0.35 % | ||
0.35 % | ||
0.24 % | ||
0.20 % | ||
0.15 % | ||
0.13 % | ||
Total Investments | 100.00 % | |
Credit Quality Breakdown | Portfolio % | |
AAA | 10.33 % | |
AA | 40.38 % | |
A | 18.27 % | |
BBB | 18.37 % | |
BB | 7.53 % | |
B | 0.52 % | |
Not Rated | 4.58 % | |
Pre-refunded Bonds | 0.02 % | |
Total | 100.00 % | |
Bonds by Maturity | Portfolio % | |
Less than 1 Year | 0.15 % | |
1 to 5 Years | 0.13 % | |
5 to 10 Years | 2.76 % | |
10 to 20 Years | 13.56 % | |
20 to 30 Years | 63.80 % | |
More than 30 Years | 19.60 % | |
Other | 0.00 % | |
Total Net Assets | 100.00 % | |
Portfolio Statistics: | ||
AMT Percent: | 22.35 % | |
Average Coupon: | 5.09 % | |
Percentage of Leverage: | ||
Bank Borrowing: | 0.00 % | |
Investment Operations: | 0.00 % | |
Auction Preferred Shares (APS): | 0.00 % | |
Tender Option Bonds: | 23.16 % | |
VMTP Shares: | 0.00 % | |
VRDP Shares: | 17.47 % | |
Total Fund Leverage: | ||
Average Maturity: | 14.50 Years | |
Effective Duration: | 12.60 Years | |
Total Net Assets: | ||
Common Stock Net Asset Value: | ||
Total Number of Holdings: | 181 | |
Portfolio Turnover: | 56.00 % | |
* The total percentage of leverage constitutes | ||
in issued and outstanding VRDPs and | ||
certain portfolio management techniques such as credit default swaps, dollar rolls, negative cash, | ||
reverse repurchase agreements and when-issued securities. | ||
** The Fund also had outstanding | ||
in Total Net Assets because it is treated as a liability for financial reporting purposes. | ||
The foregoing portfolio characteristics are as of the date indicated and can be expected to change. The | ||
Fund is a closed-end | ||
View original content:https://www.prnewswire.com/news-releases/alliancebernstein-national-municipal-income-fund-inc-releases-monthly-portfolio-update-302754680.html
SOURCE AllianceBernstein National Municipal Income Fund, Inc.