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.
Rhea-AI Summary
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.
Positive
- None.
Negative
- 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
Details
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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
View original content:https://www.prnewswire.com/news-releases/alliancebernstein-national-municipal-income-fund-inc-releases-monthly-portfolio-update-302515215.html
SOURCE AllianceBernstein National Municipal Income Fund, Inc.
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