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

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AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB) has released its monthly portfolio update as of July 31, 2024. The fund's top fixed-income holding is Lamar Consolidated Independent School District Series 2024-2 at 2.72% of the portfolio. The sector breakdown shows Revenue as the largest at 51.25%, followed by Tax Supported at 29.20%. Texas leads the state allocation at 18.42%, with Illinois and New York following. Credit quality is predominantly in the A to AA range, with 28.01% rated A and 27.95% rated AA. The fund's total leverage is 39.58%, with a total net asset value of $363.57 million. The average coupon is 4.54%, with an average maturity of 10.52 years and an effective duration of 8.14 years.

NEW YORK, Aug. 26, 2024 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. [NYSE: AFB] (the "Fund") today released its monthly portfolio update as of July 31, 2024.

AllianceBernstein National Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings		Portfolio %
1) Lamar Consolidated Independent School District Series 2024-2 5.00%, 02/15/53		2.72 %
2) City of New Orleans LA Series 2021-A 5.00%, 12/01/46		2.69 %
3) Prosper Independent School District Series 2024 4.00%, 02/15/54		2.45 %
4) Greenwood Independent School District Series 2024 4.00%, 02/15/54		2.30 %
5) Melissa Independent School District Series 2024-2 4.25%, 02/01/53		2.16 %
6) Dallas Independent School District Series 2024-2 4.00%, 02/15/54		1.96 %
7) City of New York NY Series 2023 4.125%, 08/01/53		1.88 %
8) Public Authority for Colorado Energy Series 2008 6.50%, 11/15/38		1.88 %
9) Denton Independent School District Series 2024-2 5.00%, 08/15/48		1.84 %
10) Commonwealth of Massachusetts Series 2024-2 5.00%, 05/01/53		1.82 %
Sector/Industry Breakdown		Portfolio %
Revenue
Health Care - Not-for-Profit		11.69 %
Prepay Energy		7.34 %
Revenue - Miscellaneous		6.05 %
Airport		4.84 %
Toll Roads/Transit		3.29 %
Industrial Development - Industry		3.14 %
Electric Utility		3.12 %
Higher Education - Private		2.31 %
Tobacco Securitization		1.89 %
Water & Sewer		1.83 %
Industrial Development - Airline		1.76 %
Port		1.53 %
Primary/Secondary Ed. - Public		1.33 %
Senior Living		0.61 %
Industrial Development - Utility		0.52 %
SUBTOTAL		51.25 %
Tax Supported
Local G.O.		15.77 %
State G.O.		7.25 %
Special Tax		5.43 %
State Lease		0.57 %
Assessment District		0.18 %
SUBTOTAL		29.20 %
Guaranteed		15.57 %
Prerefunded/ETM		2.22 %
Cash & Cash Equivalents
Funds and Investment Trusts		0.99 %
SUBTOTAL		0.99 %
Asset-Backed
Housing - Multi-Family		0.77 %
SUBTOTAL		0.77 %
Total		100.00 %
State Breakdown		Portfolio %
Texas		18.42 %
Illinois		9.07 %
New York		7.29 %
Michigan		6.77 %
California		5.54 %
Florida		5.05 %
Wisconsin		4.86 %
South Carolina		3.90 %
Massachusetts		3.71 %
Pennsylvania		3.49 %
New Jersey		3.32 %
Louisiana		2.84 %
Colorado		2.34 %
Georgia		2.19 %
Arizona		2.00 %
Ohio		1.92 %
Washington		1.90 %
Nevada		1.80 %
Nebraska		1.62 %
Alabama		1.47 %
Oklahoma		1.21 %
Minnesota		1.14 %
Iowa		0.90 %
Virginia		0.88 %
Utah		0.78 %
North Carolina		0.76 %
West Virginia		0.67 %
New Hampshire		0.63 %
Indiana		0.50 %
North Dakota		0.43 %
Maryland		0.37 %
Arkansas		0.34 %
Oregon		0.22 %
Connecticut		0.19 %
Alaska		0.18 %
South Dakota		0.14 %
Puerto Rico		0.10 %
Tennessee		0.07 %
Other		0.99 %
Total Investments		100.00 %
Credit Quality Breakdown		Portfolio %
AAA		18.88 %
AA		27.95 %
A		28.01 %
BBB		17.65 %
BB		2.80 %
B		0.14 %
CCC		0.11 %
D		0.18 %
Not Rated		1.07 %
Pre-refunded Bonds		2.22 %
Short Term Investments		0.99 %
Total		100.00 %
Bonds by Maturity		Portfolio %
Less than 1 Year		3.38 %
1 To 5 Years		2.44 %
5 To 10 Years		4.17 %
10 To 20 Years		20.15 %
20 To 30 Years		56.67 %
More than 30 Years		13.19 %
Other		0.00 %
Total Net Assets		100.00 %
Portfolio Statistics:
AMT Percent:		10.23 %
Average Coupon:		4.54 %
Percentage of Leverage:
Bank Borrowing:		0.00 %
Investment Operations:		0.25 %
VRDP Shares:		16.90 %
Tender Option Bonds:		7.51 %
VMTP Shares:		14.92 %
Total Fund Leverage:		39.58%*
Average Maturity:		10.52 Years
Effective Duration:		8.14 Years
Total Net Assets:		$363.57 Million**
Common Stock Net Asset Value:		$12.65
Total Number of Holdings:		158
Portfolio Turnover:		55.00 %

* The total percentage of leverage constitutes 7.51% through the use of tender option bonds, 14.92% in issued and outstanding VMTPs, 16.90% in issued and outstanding VRDPs and 0.25% in investment operations, which 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 Fund also had outstanding $88,275,000 of VMTPs at liquidation value, which is not included in Total Net Assets because it is treated as a liability for financial reporting purposes.

** The Fund also had outstanding $100,000,000 of VRDPs at liquidation value, which is not included 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 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 ticker symbol for AllianceBernstein National Municipal Income Fund?

The ticker symbol for AllianceBernstein National Municipal Income Fund is AFB, listed on the New York Stock Exchange (NYSE).

What is the largest sector allocation in AFB's portfolio as of July 31, 2024?

The largest sector allocation in AFB's portfolio as of July 31, 2024, is Revenue at 51.25%, with Health Care - Not-for-Profit being the largest sub-sector at 11.69%.

Which state has the highest allocation in AFB's portfolio?

Texas has the highest allocation in AFB's portfolio at 18.42% as of July 31, 2024.

What is the total leverage of AFB as reported in the July 31, 2024 update?

The total leverage of AFB is reported as 39.58% in the July 31, 2024 portfolio update.

What is the average maturity and effective duration of AFB's portfolio?

As of July 31, 2024, AFB's portfolio has an average maturity of 10.52 years and an effective duration of 8.14 years.