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 June 30, 2025, revealing a diverse municipal bond portfolio with $331.36 million in total net assets. The fund maintains significant positions in education and transportation infrastructure bonds, with its top holdings including Melissa Independent School District (1.97%) and Commonwealth of Massachusetts bonds (1.93%).
The portfolio demonstrates strong geographical diversification across 37 states, with Texas (16.57%), Florida (8.60%), and Illinois (8.08%) representing the largest state allocations. The fund maintains a high credit quality profile with 71.65% of holdings rated A or better. Notable portfolio characteristics include a 42.35% total leverage ratio, 17.25 years average maturity, and a net asset value of $11.53.
AllianceBernstein National Municipal Income Fund (NYSE:AFB) ha pubblicato l'aggiornamento mensile del portafoglio al 30 giugno 2025, mostrando un portafoglio diversificato di obbligazioni municipali con 331,36 milioni di dollari di attivi netti totali. Il fondo detiene posizioni significative in obbligazioni per l'istruzione e le infrastrutture di trasporto, con le sue principali partecipazioni che includono Melissa Independent School District (1,97%) e obbligazioni del Commonwealth del Massachusetts (1,93%).
Il portafoglio presenta una forte diversificazione geografica in 37 stati, con Texas (16,57%), Florida (8,60%) e Illinois (8,08%) come le maggiori allocazioni statali. Il fondo mantiene un profilo di alta qualità creditizia con il 71,65% delle partecipazioni valutate A o superiore. Tra le caratteristiche rilevanti del portafoglio vi sono un rapporto di leva finanziaria totale del 42,35%, una durata media di 17,25 anni e un valore patrimoniale netto di 11,53 dollari.
AllianceBernstein National Municipal Income Fund (NYSE:AFB) ha publicado su actualización mensual de cartera al 30 de junio de 2025, revelando una cartera diversificada de bonos municipales con 331,36 millones de dólares en activos netos totales. El fondo mantiene posiciones significativas en bonos de infraestructura educativa y de transporte, con sus principales participaciones que incluyen Melissa Independent School District (1,97%) y bonos del Commonwealth de Massachusetts (1,93%).
La cartera muestra una fuerte diversificación geográfica en 37 estados, siendo Texas (16,57%), Florida (8,60%) e Illinois (8,08%) las mayores asignaciones estatales. El fondo mantiene un perfil de alta calidad crediticia con el 71,65% de las participaciones calificadas como A o superior. Entre las características destacadas de la cartera se encuentran una relación total de apalancamiento del 42,35%, un vencimiento promedio de 17,25 años y un valor neto de activos de 11,53 dólares.
AllianceBernstein National Municipal Income Fund (NYSE:AFB)는 2025년 6월 30일 기준 월간 포트폴리오 업데이트를 발표하며, 총 순자산 3억 3,136만 달러 규모의 다양한 지방채 포트폴리오를 공개했습니다. 이 펀드는 교육 및 교통 인프라 채권에 상당한 비중을 두고 있으며, 주요 보유 종목으로 Melissa Independent School District (1.97%)와 매사추세츠 주 채권 (1.93%)을 포함하고 있습니다.
포트폴리오는 37개 주에 걸친 강력한 지리적 분산을 보여주며, 텍사스 (16.57%), 플로리다 (8.60%), 일리노이 (8.08%)가 가장 큰 주별 할당 비중을 차지합니다. 이 펀드는 71.65%가 A등급 이상인 높은 신용 등급 프로필을 유지하고 있습니다. 주요 포트폴리오 특성으로는 총 레버리지 비율 42.35%, 평균 만기 17.25년, 순자산가치 11.53달러가 있습니다.
AllianceBernstein National Municipal Income Fund (NYSE:AFB) a publié sa mise à jour mensuelle du portefeuille au 30 juin 2025, révélant un portefeuille diversifié d'obligations municipales avec 331,36 millions de dollars d'actifs nets totaux. Le fonds détient des positions importantes dans les obligations liées à l'éducation et aux infrastructures de transport, avec parmi ses principales participations le district scolaire indépendant de Melissa (1,97%) et les obligations du Commonwealth du Massachusetts (1,93%).
Le portefeuille montre une forte diversification géographique à travers 37 États, le Texas (16,57 %), la Floride (8,60 %) et l'Illinois (8,08 %) représentant les plus grandes allocations par État. Le fonds maintient un profil de haute qualité de crédit avec 71,65 % des avoirs notés A ou mieux. Parmi les caractéristiques notables du portefeuille figurent un ratio d'effet de levier total de 42,35 %, une maturité moyenne de 17,25 ans et une valeur nette d'inventaire de 11,53.
AllianceBernstein National Municipal Income Fund (NYSE:AFB) hat sein monatliches Portfolio-Update zum 30. Juni 2025 veröffentlicht und zeigt ein vielfältiges Portfolio kommunaler Anleihen mit 331,36 Millionen US-Dollar an Nettovermögen. Der Fonds hält bedeutende Positionen in Anleihen für Bildungs- und Verkehrsinfrastruktur, wobei die Top-Bestände Melissa Independent School District (1,97%) und Anleihen des Commonwealth of Massachusetts (1,93%) umfassen.
Das Portfolio weist eine starke geografische Diversifikation über 37 Bundesstaaten auf, wobei Texas (16,57%), Florida (8,60%) und Illinois (8,08%) die größten Bundesstaatenallokationen darstellen. Der Fonds weist ein hohes Kreditqualitätsprofil auf, mit 71,65% der Bestände mit A-Rating oder besser. Bemerkenswerte Portfolioeigenschaften sind eine Gesamtverschuldungsquote von 42,35%, eine durchschnittliche Laufzeit von 17,25 Jahren und ein Nettoinventarwert von 11,53.
- None.
- High leverage ratio of 42.35% could amplify market volatility risks
- Significant interest rate risk with 12.01 years effective duration
- Large exposure to long-term bonds with 79.94% maturing beyond 20 years
- Concentrated state exposure with top 3 states comprising 33.25% of portfolio
AllianceBernstein National Municipal Income Fund, Inc.
Top 10 Fixed-Income Holdings | Portfolio % | |
1) Melissa Independent School District Series 2024-2 | 1.97 % | |
2) Commonwealth of Massachusetts Series 2025-2 | 1.93 % | |
3) Worthington City School District Series 2023 | 1.80 % | |
4) New York Transportation Development Corp. Series 2024 Zero Coupon, 12/31/54 | 1.80 % | |
5) Metropolitan Washington Airports Authority Aviation Revenue Series 2025-A | 1.79 % | |
6) State of Hawaii Airports System Revenue Series 2025-2 | 1.78 % | |
7) Dallas Independent School District Series 2024-2 | 1.77 % | |
8) Greenwood Independent School District Series 2025-2 | 1.76 % | |
9) County of Miami-Dade FL Aviation Revenue Series 2025-A | 1.76 % | |
10) Leander Independent School District Series 2025-A | 1.74 % | |
Investment Type | Portfolio % | |
State Breakdown | Portfolio % | |
16.57 % | ||
8.60 % | ||
8.08 % | ||
7.57 % | ||
6.34 % | ||
6.27 % | ||
5.48 % | ||
4.02 % | ||
3.40 % | ||
3.10 % | ||
2.78 % | ||
2.45 % | ||
2.25 % | ||
2.14 % | ||
2.06 % | ||
1.94 % | ||
1.86 % | ||
1.84 % | ||
1.78 % | ||
1.63 % | ||
1.42 % | ||
1.34 % | ||
1.25 % | ||
0.81 % | ||
0.73 % | ||
0.62 % | ||
0.49 % | ||
0.48 % | ||
0.43 % | ||
0.37 % | ||
0.36 % | ||
0.34 % | ||
0.34 % | ||
0.33 % | ||
0.22 % | ||
0.19 % | ||
0.12 % | ||
Total Investments | 100.00 % | |
Net Currency Exposure Breakdown | Portfolio % | |
US Dollar | 100.00 % | |
Total Net Assets | 100.00 % | |
Credit Quality Breakdown | Portfolio % | |
AAA | 15.13 % | |
AA | 32.70 % | |
A | 23.82 % | |
BBB | 18.30 % | |
BB | 6.83 % | |
B | 0.51 % | |
Not Rated | 2.69 % | |
Pre-refunded Bonds | 0.02 % | |
Total | 100.00 % | |
Bonds by Maturity | Portfolio % | |
Less than 1 Year | 0.18 % | |
1 to 5 Years | 0.89 % | |
5 to 10 Years | 2.73 % | |
10 to 20 Years | 16.26 % | |
20 to 30 Years | 59.12 % | |
More than 30 Years | 20.82 % | |
Other | 0.00 % | |
Total Net Assets | 100.00 % | |
Portfolio Statistics: | ||
AMT Percent: | 19.53 % | |
Average Coupon: | 4.73 % | |
Percentage of Leverage(based on gross assets): | ||
Bank Borrowing: | 0.00 % | |
Investment Operations: | 2.52 % | |
Auction Preferred Shares (APS): | 0.00 % | |
Tender Option Bonds: | 7.54 % | |
VMTP Shares: | 15.14 % | |
VRDP Shares: | 17.15 % | |
Total Fund Leverage: | 42.35 % | |
Average Maturity: | 17.25 Years | |
Effective Duration: | 12.01 Years | |
Total Net Assets: | ||
Net Asset Value: | ||
Total Number of Holdings: | 171 | |
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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