AllianceBernstein National Municipal Income Fund, Inc. Releases Monthly Portfolio Update
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.
AllianceBernstein National Municipal Income Fund (NYSE: AFB) ha pubblicato l'aggiornamento mensile del portafoglio al 31 maggio 2025. Il portafoglio del fondo evidenzia una significativa diversificazione tra obbligazioni municipali, con attività nette totali pari a 329,67 milioni di dollari e un valore patrimoniale netto di 11,47 dollari.
Il fondo mantiene un solido profilo di qualità creditizia con il 72,04% delle partecipazioni valutate A o superiore. Il Texas è lo stato con la maggiore allocazione, pari al 19,38%, seguito dalla Florida (8,75%) e dall'Illinois (7,88%). Il portafoglio comprende 164 titoli con un focus sugli investimenti a lungo termine, dato che l'81,27% delle obbligazioni ha scadenze superiori a 20 anni. Il fondo utilizza una leva significativa pari al 46,17% delle attività lorde, con una durata media di 17,42 anni e una durata effettiva di 12,06 anni.
AllianceBernstein National Municipal Income Fund (NYSE: AFB) ha publicado su actualización mensual de cartera al 31 de mayo de 2025. La cartera del fondo muestra una diversificación significativa en bonos municipales, con activos netos totales de 329,67 millones de dólares y un valor neto de activos de 11,47 dólares.
El fondo mantiene un perfil crediticio sólido con el 72,04% de las participaciones calificadas como A o superior. Texas lidera la asignación estatal con un 19,38%, seguido por Florida (8,75%) e Illinois (7,88%). La cartera cuenta con 164 activos y se enfoca en inversiones a largo plazo, ya que el 81,27% de los bonos tienen vencimientos superiores a 20 años. El fondo emplea un apalancamiento significativo del 46,17% de los activos brutos, con una madurez promedio de 17,42 años y una duración efectiva de 12,06 años.
AllianceBernstein National Municipal Income Fund (NYSE: AFB)는 2025년 5월 31일 기준 월간 포트폴리오 업데이트를 발표했습니다. 이 펀드의 포트폴리오는 총 순자산 3억 2,967만 달러와 순자산가치 11.47달러를 기록하며 지방채권 전반에 걸쳐 상당한 분산 투자를 보여줍니다.
펀드는 72.04%의 보유 종목이 A등급 이상인 강력한 신용 품질 프로필을 유지하고 있습니다. 주별 배분에서는 텍사스가 19.38%로 가장 높고, 플로리다(8.75%), 일리노이(7.88%)가 뒤를 잇습니다. 포트폴리오에는 164개 종목이 포함되어 있으며, 81.27%의 채권이 20년 이상의 만기를 가진 장기 투자에 중점을 두고 있습니다. 펀드는 총 자산의 46.17%에 달하는 상당한 레버리지를 사용하며, 평균 만기는 17.42년, 유효 듀레이션은 12.06년입니다.
AllianceBernstein National Municipal Income Fund (NYSE : AFB) a publié sa mise à jour mensuelle du portefeuille au 31 mai 2025. Le portefeuille du fonds présente une diversification significative à travers des obligations municipales avec un actif net total de 329,67 millions de dollars et une valeur nette d'inventaire de 11,47 dollars.
Le fonds maintient un profil de qualité de crédit solide avec 72,04 % des avoirs notés A ou plus. Le Texas domine l'allocation par État avec 19,38 %, suivi de la Floride (8,75 %) et de l'Illinois (7,88 %). Le portefeuille comprend 164 titres avec un accent sur les investissements à long terme, puisque 81,27 % des obligations ont des échéances supérieures à 20 ans. Le fonds utilise un effet de levier important représentant 46,17 % des actifs bruts, avec une maturité moyenne de 17,42 ans et une duration effective de 12,06 ans.
AllianceBernstein National Municipal Income Fund (NYSE: AFB) hat sein monatliches Portfolio-Update zum 31. Mai 2025 veröffentlicht. Das Portfolio des Fonds zeigt eine bedeutende Diversifikation über kommunale Anleihen mit Gesamt-Nettovermögen von 329,67 Millionen US-Dollar und einem Nettoinventarwert von 11,47 US-Dollar.
Der Fonds hält ein starkes Kreditqualitätsprofil mit 72,04% der Bestände mit Rating A oder höher. Texas führt die Staatsallokation mit 19,38%, gefolgt von Florida (8,75%) und Illinois (7,88%) an. Das Portfolio umfasst 164 Positionen und konzentriert sich auf langfristige Anlagen, da 81,27% der Anleihen Laufzeiten von mehr als 20 Jahren haben. Der Fonds nutzt eine erhebliche Hebelwirkung von 46,17% der Bruttovermögen, mit einer durchschnittlichen Laufzeit von 17,42 Jahren und einer effektiven Duration von 12,06 Jahren.
- 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
- 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%
AllianceBernstein National Municipal Income Fund, Inc.
Top 10 Fixed-Income Holdings | Portfolio % | |
1) Lamar Consolidated Independent School District Series 2023-A | 2.67 % | |
2) Melissa Independent School District Series 2024-2 | 2.03 % | |
3) Commonwealth of Massachusetts Series 2025-2 | 1.97 % | |
4) Worthington City School District Series 2023 | 1.84 % | |
5) Public Authority for Colorado Energy Series 2008 | 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 | 1.82 % | |
8) State of Hawaii Airports System Revenue Series 2025-2 | 1.82 % | |
9) Greenwood Independent School District Series 2025-2 | 1.81 % | |
10) Rockwall Independent School District Series 2025-2 | 1.79 % | |
Investment Type | Portfolio % | |
State Breakdown | Portfolio % | |
19.38 % | ||
8.75 % | ||
7.88 % | ||
6.49 % | ||
6.41 % | ||
5.96 % | ||
5.24 % | ||
4.12 % | ||
3.88 % | ||
3.52 % | ||
2.74 % | ||
2.43 % | ||
2.14 % | ||
2.10 % | ||
1.90 % | ||
1.82 % | ||
1.80 % | ||
1.72 % | ||
1.66 % | ||
1.36 % | ||
1.28 % | ||
1.05 % | ||
0.83 % | ||
0.75 % | ||
0.64 % | ||
0.51 % | ||
0.50 % | ||
0.43 % | ||
0.38 % | ||
0.37 % | ||
0.36 % | ||
0.35 % | ||
0.35 % | ||
0.34 % | ||
0.23 % | ||
0.19 % | ||
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: | ||
Net Asset Value: | ||
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 | ||
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SOURCE AllianceBernstein National Municipal Income Fund, Inc.
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