AllianceBernstein National Municipal Income Fund, Inc. RELEASES MONTHLY PORTFOLIO UPDATE
Rhea-AI Summary
AllianceBernstein National Municipal Income Fund (NYSE: AFB) has released its March 31, 2025 portfolio update, revealing a total net assets of $346.67 Million. The fund's portfolio shows significant diversification across municipal bonds with Texas (17.19%), Illinois (8.19%), and Florida (7.83%) as top state allocations.
The portfolio maintains strong credit quality with 71.13% of holdings rated A or higher. The fund's structure includes 41.63% total leverage, comprising various instruments including VRDP Shares (17.78%) and VMTP Shares (15.69%). The portfolio contains 159 holdings with an average coupon of 4.48% and effective duration of 10.01 years.
Notable sector concentrations include Health Care - Not-for-Profit (12.36%), Local G.O. (12.19%), and Revenue - Miscellaneous (8.49%). The majority of bonds (61.36%) have maturities between 20-30 years.
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AllianceBernstein National Municipal Income Fund, Inc. | ||
Top 10 Fixed-Income Holdings | Portfolio % | |
1) Lamar Consolidated Independent School District Series 2024-2 | 2.73 % | |
2) City of New Orleans LA Series 2021-A | 2.71 % | |
3) Greenwood Independent School District Series 2024 | 2.27 % | |
4) Melissa Independent School District Series 2024-2 | 2.14 % | |
5) Dallas Independent School District Series 2024-2 | 1.94 % | |
6) New York Transportation Development Corp. Series 2024 Zero Coupon, 12/31/54 | 1.86 % | |
7) Public Authority for Colorado Energy Series 2008 | 1.86 % | |
8) County of Miami-Dade FL Aviation Revenue Series 2025-A | 1.85 % | |
9) City of New York NY Series 2023 | 1.85 % | |
10) Denton Independent School District Series 2023 | 1.83 % | |
Sector/Industry Breakdown | Portfolio % | |
Revenue | ||
Health Care - Not-for-Profit | 12.36 % | |
Revenue - Miscellaneous | 8.49 % | |
Airport | 7.47 % | |
Prepay Energy | 7.39 % | |
Toll Roads/Transit | 3.71 % | |
Industrial Development - Airline | 3.65 % | |
Primary/Secondary Ed. - Public | 2.69 % | |
Higher Education - Private | 2.58 % | |
Water & Sewer | 2.36 % | |
Electric Utility | 2.14 % | |
Port | 2.07 % | |
Tobacco Securitization | 1.90 % | |
Industrial Development - Industry | 1.89 % | |
Senior Living | 0.97 % | |
Industrial Development - Utility | 0.54 % | |
SUBTOTAL | 60.21 % | |
Tax Supported | ||
Local G.O. | 12.19 % | |
State G.O. | 6.11 % | |
Special Tax | 4.74 % | |
Assessment District | 0.18 % | |
SUBTOTAL | 23.22 % | |
Guaranteed | 14.63 % | |
Prerefunded/ETM | 1.01 % | |
Asset-Backed | ||
Housing - Multi-Family | 0.93 % | |
SUBTOTAL | 0.93 % | |
Total | 100.00 % | |
State Breakdown | Portfolio % | |
17.19 % | ||
8.19 % | ||
7.83 % | ||
7.55 % | ||
6.73 % | ||
5.78 % | ||
4.56 % | ||
3.92 % | ||
3.76 % | ||
3.50 % | ||
2.72 % | ||
2.71 % | ||
2.61 % | ||
2.45 % | ||
2.32 % | ||
1.91 % | ||
1.83 % | ||
1.67 % | ||
1.50 % | ||
1.39 % | ||
0.99 % | ||
0.98 % | ||
0.93 % | ||
0.90 % | ||
0.86 % | ||
0.80 % | ||
0.77 % | ||
0.68 % | ||
0.53 % | ||
0.47 % | ||
0.38 % | ||
0.35 % | ||
0.35 % | ||
0.33 % | ||
0.23 % | ||
0.20 % | ||
0.13 % | ||
Total Investments | 100.00 % | |
Credit Quality Breakdown | Portfolio % | |
AAA | 17.63 % | |
AA | 26.10 % | |
A | 27.40 % | |
BBB | 18.42 % | |
BB | 6.30 % | |
B | 0.47 % | |
Not Rated | 2.67 % | |
Pre-refunded Bonds | 1.01 % | |
Total | 100.00 % | |
Bonds by Maturity | Portfolio % | |
Less than 1 Year | 0.19 % | |
1 To 5 Years | 2.88 % | |
5 To 10 Years | 4.49 % | |
10 To 20 Years | 16.70 % | |
20 To 30 Years | 61.36 % | |
More than 30 Years | 14.38 % | |
Other | 0.00 % | |
Total Net Assets | 100.00 % | |
Portfolio Statistics: | ||
AMT Percent: | 19.79 % | |
Average Coupon: | 4.48 % | |
Percentage of Leverage: | ||
Bank Borrowing: | 0.00 % | |
Investment Operations: | 0.35 % | |
Auction Preferred Shares (APS): | 0.00 % | |
Tender Option Bonds: | 7.81 % | |
VMTP Shares: | 15.69 % | |
VRDP Shares: | 17.78 % | |
Total Fund Leverage: | ||
Average Maturity: | 14.01 Years | |
Effective Duration: | 10.01 Years | |
Total Net Assets: | ||
Common Stock Net Asset Value: | ||
Total Number of Holdings: | 159 | |
Portfolio Turnover: | 32.00 % | |
* The total percentage of leverage constitutes | ||
in issued and outstanding VMTPs, | ||
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 | ||
in Total Net Assets because it is treated as a liability for financial reporting purposes. | ||
** The Fund also had outstanding | ||
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 | ||
View original content:https://www.prnewswire.com/news-releases/alliancebernstein-national-municipal-income-fund-inc-releases-monthly-portfolio-update-302433571.html
SOURCE AllianceBernstein National Municipal Income Fund, Inc.
FAQ
What is the current asset allocation of AFB's municipal bond portfolio by state?
How is AFB's credit quality distributed across its portfolio as of March 2025?
What is the maturity structure of AFB's municipal bond holdings?
What is AFB's current leverage composition and total percentage?
What are the largest sector allocations in AFB's portfolio?
