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 November 30, 2025 with portfolio details published Dec 29, 2025. Key facts: Total Net Assets $349.99 million, NAV $12.18, Total Fund Leverage 40.43% (23.05% tender option bonds; 17.38% VRDPs). Portfolio statistics include Average Coupon 4.96%, Effective Duration 11.57 years, Average Maturity 13.26 years, and Portfolio Turnover 32%. Top sector exposure is Revenue bonds 62.96%; top states by weight are Texas 14.45%, California 8.95%, and Florida 8.58%. Credit quality: AAA 12.40%, AA 38.51%, A 19.95%.
Positive
- Revenue-sector exposure at 62.96%
- High investment-grade share: AAA+AA 50.91%
- Total net assets of $349.99 million
Negative
- Total fund leverage at 40.43%
- Effective duration of 11.57 years increases rate sensitivity
- Concentration of 65.74% in 20–30 year maturities
News Market Reaction 1 Alert
On the day this news was published, AFB gained 0.47%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AllianceBernstein National Municipal Income Fund, Inc.
Top 10 Fixed-Income Holdings | Portfolio % | |
1) Melissa Independent School District Series 2024-2 | 2.15 % | |
2) Commonwealth of Massachusetts Series 2025-2 | 2.00 % | |
3) Oklahoma Turnpike Authority Series 2023 | 1.96 % | |
4) New York Transportation Development Corp. Series 2024 Zero Coupon, 12/31/54 | 1.93 % | |
5) Dallas Independent School District Series 2024-2 | 1.92 % | |
6) State of Hawaii Airports System Revenue Series 2025-2 | 1.86 % | |
7) Metropolitan Washington Airports Authority Aviation Revenue Series 2025-2 | 1.86 % | |
8) Worthington City School District Series 2025-2 | 1.86 % | |
9) City of Atlanta GA Department of Aviation Series 2025-2 | 1.85 % | |
10) County of Miami-Dade FL Aviation Revenue Series 2025-2 | 1.83 % | |
Sector/Industry Breakdown | Portfolio % | |
Revenue | ||
Health Care - Not-for-Profit | 13.42 % | |
Airport | 10.28 % | |
Revenue - Miscellaneous | 7.20 % | |
Toll Roads/Transit | 5.51 % | |
Prepay Energy | 4.70 % | |
Industrial Development - Airline | 4.14 % | |
Primary/Secondary Ed. - Public | 3.56 % | |
Higher Education - Private | 3.49 % | |
Port | 2.61 % | |
Industrial Development - Industry | 2.18 % | |
Higher Education - Public | 1.78 % | |
Electric Utility | 1.47 % | |
Senior Living | 1.34 % | |
Water & Sewer | 0.80 % | |
Tobacco Securitization | 0.30 % | |
Primary/Secondary Ed. - Private | 0.18 % | |
SUBTOTAL | 62.96 % | |
Tax Supported | ||
Local G.O. | 11.03 % | |
State G.O. | 6.42 % | |
Special Tax | 3.69 % | |
Local Lease | 1.49 % | |
Assessment District | 0.18 % | |
SUBTOTAL | 22.81 % | |
Guaranteed | 11.83 % | |
Asset-Backed | ||
Housing - Multi-Family | 0.86 % | |
SUBTOTAL | 0.86 % | |
Commercial Mortgage-Backed Securities | ||
Non-Agency Fixed Rate CMBS | 0.49 % | |
Non-Agency Floating Rate CMBS | 0.35 % | |
SUBTOTAL | 0.84 % | |
Prerefunded/ETM | 0.36 % | |
Cash & Cash Equivalents | ||
Funds and Investment Trusts | 0.34 % | |
SUBTOTAL | 0.34 % | |
Total | 100.00 % | |
State Breakdown | Portfolio % | |
14.45 % | ||
8.95 % | ||
8.58 % | ||
8.14 % | ||
6.97 % | ||
5.85 % | ||
5.50 % | ||
4.59 % | ||
4.20 % | ||
3.02 % | ||
2.98 % | ||
2.60 % | ||
2.55 % | ||
2.35 % | ||
2.04 % | ||
1.96 % | ||
1.91 % | ||
1.86 % | ||
1.74 % | ||
1.31 % | ||
0.97 % | ||
0.93 % | ||
0.86 % | ||
0.76 % | ||
0.76 % | ||
0.69 % | ||
0.51 % | ||
0.49 % | ||
0.37 % | ||
0.36 % | ||
0.35 % | ||
0.35 % | ||
0.24 % | ||
0.20 % | ||
0.14 % | ||
Other | 0.47 % | |
Total Investments | 100.00 % | |
Credit Quality Breakdown | Portfolio % | |
AAA | 12.40 % | |
AA | 38.51 % | |
A | 19.95 % | |
BBB | 16.55 % | |
BB | 7.13 % | |
B | 0.53 % | |
Not Rated | 4.23 % | |
Pre-refunded Bonds | 0.36 % | |
Short Term Investments | 0.34 % | |
Total | 100.00 % | |
Bonds by Maturity | Portfolio % | |
Less than 1 Year | 0.84 % | |
1 to 5 Years | 0.13 % | |
5 to 10 Years | 2.29 % | |
10 to 20 Years | 12.52 % | |
20 to 30 Years | 65.74 % | |
More than 30 Years | 18.48 % | |
Other | 0.00 % | |
Total Net Assets | 100.00 % | |
Portfolio Statistics: | ||
AMT Percent: | 17.93 % | |
Average Coupon: | 4.96 % | |
Percentage of Leverage: | ||
Bank Borrowing: | 0.00 % | |
Investment Operations: | 0.00 % | |
Auction Preferred Shares (APS): | 0.00 % | |
Tender Option Bonds: | 23.05 % | |
VMTP Shares: | 0.00 % | |
VRDP Shares: | 17.38 % | |
Total Fund Leverage: | ||
Average Maturity: | 13.26 Years | |
Effective Duration: | 11.57 Years | |
Total Net Assets: | ||
Common Stock Net Asset Value: | ||
Total Number of Holdings: | 173 | |
Portfolio Turnover: | 32.00 % |
* The total percentage of leverage constitutes |
** The Fund also had outstanding |
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-302650263.html
SOURCE AllianceBernstein National Municipal Income Fund, Inc.
FAQ
What did AFB report for total net assets on Dec 29, 2025?
How much leverage does AFB (NYSE: AFB) use in its fund?
What is AFB's NAV and as-of date in the monthly update?
How exposed is AFB to revenue municipal bonds in the November 2025 portfolio?
What is AFB's interest-rate sensitivity reported in the update?
Which states are largest in AFB's municipal holdings by weight?
