AllianceBernstein National Municipal Income Fund, Inc. Releases Monthly Portfolio Update

Rhea-AI Summary

AllianceBernstein National Municipal Income Fund (NYSE: AFB) has released its monthly portfolio update as of May 31, 2025. The fund's portfolio shows significant diversification across municipal bonds with total net assets of $329.67 million and a net asset value of $11.47.

The fund maintains a strong credit quality profile with 72.04% of holdings rated A or higher. Texas leads state allocation at 19.38%, followed by Florida (8.75%) and Illinois (7.88%). The portfolio features 164 holdings with a focus on long-term investments, as 81.27% of bonds have maturities exceeding 20 years. The fund employs significant leverage at 46.17% of gross assets, with an average maturity of 17.42 years and effective duration of 12.06 years.

Positive

• Strong credit quality with 72.04% of holdings rated A or higher
• Well-diversified portfolio across 37 states plus DC
• High-quality top holdings with attractive yields ranging from 4.00% to 6.50%
• Significant exposure to education sector through multiple school district bonds

Negative

• High leverage ratio at 46.17% increases risk profile
• High concentration in long-term bonds (81.27% > 20 years) increases interest rate risk
• Significant geographic concentration with top 3 states comprising 36.01% of portfolio
• Relatively high portfolio turnover at 32.00%

NEW YORK, June 23, 2025 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. [NYSE: AFB] (the "Fund") today released its monthly portfolio update as of May 31, 2025.        
        
AllianceBernstein National Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings		Portfolio %
1) Lamar Consolidated Independent School District Series 2023-A 5.00%, 02/15/53		2.67 %
2) Melissa Independent School District Series 2024-2 4.25%, 02/01/53		2.03 %
3) Commonwealth of Massachusetts Series 2025-2 5.00%, 01/01/54		1.97 %
4) Worthington City School District Series 2023 5.50%, 12/01/54		1.84 %
5) Public Authority for Colorado Energy Series 2008 6.50%, 11/15/38		1.84 %
6) New York Transportation Development Corp. Series 2024 Zero Coupon, 12/31/54		1.83 %
7) Dallas Independent School District Series 2024-2 4.00%, 02/15/54		1.82 %
8) State of Hawaii Airports System Revenue Series 2025-2 5.00%, 07/01/54		1.82 %
9) Greenwood Independent School District Series 2025-2 5.50%, 02/15/49		1.81 %
10) Rockwall Independent School District Series 2025-2 5.00%, 02/15/54		1.79 %
Investment Type		Portfolio %
State Breakdown		Portfolio %
Texas		19.38 %
Florida		8.75 %
Illinois		7.88 %
Wisconsin		6.49 %
New York		6.41 %
California		5.96 %
Massachusetts		5.24 %
Ohio		4.12 %
Colorado		3.88 %
South Carolina		3.52 %
Pennsylvania		2.74 %
Michigan		2.43 %
New Hampshire		2.14 %
New Jersey		2.10 %
Alabama		1.90 %
Hawaii		1.82 %
Arizona		1.80 %
Louisiana		1.72 %
Nebraska		1.66 %
Georgia		1.36 %
Minnesota		1.28 %
Virginia		1.05 %
Indiana		0.83 %
North Carolina		0.75 %
Alaska		0.64 %
Tennessee		0.51 %
Washington		0.50 %
Utah		0.43 %
Oklahoma		0.38 %
Maryland		0.37 %
District of Columbia		0.36 %
Arkansas		0.35 %
North Dakota		0.35 %
Nevada		0.34 %
Oregon		0.23 %
Connecticut		0.19 %
South Dakota		0.13 %
Other		0.01 %
Total Investments		100.00 %
Net Currency Exposure Breakdown		Portfolio %
US Dollar		100.00 %
Total Net Assets		100.00 %
Credit Quality Breakdown		Portfolio %
AAA		17.94 %
AA		29.86 %
A		24.24 %
BBB		17.88 %
BB		7.00 %
B		0.52 %
Not Rated		2.53 %
Pre-refunded Bonds		0.02 %
Short Term Investments		0.01 %
Total		100.00 %
Bonds by Maturity		Portfolio %
Less than 1 Year		0.20 %
1 to 5 Years		0.91 %
5 to 10 Years		2.78 %
10 to 20 Years		14.84 %
20 to 30 Years		62.53 %
More than 30 Years		18.74 %
Other		0.00 %
Total Net Assets		100.00 %
Portfolio Statistics:
AMT Percent:		19.86 %
Average Coupon:		4.75 %
Percentage of Leverage(based on gross assets):
Bank Borrowing:		0.00 %
Investment Operations:		2.83 %
Auction Preferred Shares (APS):		0.00 %
Tender Option Bonds:		10.34 %
VMTP Shares:		15.47 %
VRDP Shares:		17.53 %
Total Fund Leverage:		46.17 %
Average Maturity:		17.42 Years
Effective Duration:		12.06 Years
Total Net Assets:		$329.67 Million
Net Asset Value:		$11.47
Total Number of Holdings:		164
Portfolio Turnover:		32.00 %
* Investment Operations may include the use of certain portfolio management techniques such as credit
default swaps, dollar rolls, negative cash, reverse repurchase agreements and when-issued securities.
The foregoing portfolio characteristics are as of the date indicated and can be expected to change. The
Fund is a closed-end U.S.-registered management investment company advised by AllianceBernstein L. P.

 

 

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SOURCE AllianceBernstein National Municipal Income Fund, Inc.

FAQ

What is the current Net Asset Value (NAV) of AllianceBernstein National Municipal Income Fund (AFB)?

As of May 31, 2025, the fund's Net Asset Value (NAV) is $11.47 with total net assets of $329.67 million.

What is the credit quality breakdown of AFB's portfolio?

The fund maintains 17.94% in AAA, 29.86% in AA, 24.24% in A, 17.88% in BBB, 7.00% in BB, with smaller allocations in other ratings categories.

What is the state allocation distribution in AFB's portfolio?

The top three state allocations are Texas (19.38%), Florida (8.75%), and Illinois (7.88%), with the portfolio diversified across 37 states plus DC.

What is the maturity structure of AFB's bond portfolio?

The majority of bonds (81.27%) have maturities exceeding 20 years, with 62.53% in 20-30 years and 18.74% beyond 30 years. The average maturity is 17.42 years.

How much leverage does AFB currently employ?

The fund employs total leverage of 46.17%, primarily through VRDP Shares (17.53%), VMTP Shares (15.47%), and Tender Option Bonds (10.34%).