AllianceBernstein National Municipal Income Fund, Inc. RELEASES MONTHLY PORTFOLIO UPDATE

Rhea-AI Summary

AllianceBernstein National Municipal Income Fund (NYSE: AFB) has released its portfolio update as of April 30, 2025. The fund's total net assets stand at $337.84 Million with a NAV of $11.75. The portfolio consists of 156 holdings with a turnover rate of 32%. Key portfolio metrics include an average coupon of 4.47%, average maturity of 15.62 years, and effective duration of 10.87 years. The fund maintains significant geographic diversification with Texas (16%), Florida (10.05%), and Illinois (8.56%) as top state allocations. Credit quality is predominantly investment-grade, with 68.61% rated A or higher. The portfolio shows a strong preference for longer-term bonds, with 77.09% of holdings having maturities exceeding 20 years. The fund employs 46.05% total leverage through various instruments including tender option bonds, VMTP shares, and VRDP shares.

Positive

• Diversified portfolio across 36 states reducing geographic risk
• Strong credit quality with 68.61% of holdings rated A or better
• Significant exposure to revenue bonds (63.87%) providing stable income streams

Negative

• High leverage at 46.05% which could amplify losses in market downturns
• Heavy concentration in long-term bonds (77.09% over 20 years) increasing interest rate risk
• Significant exposure to lower-rated and non-rated securities (12.07% combined in BB, B, and Not Rated)

NEW YORK, May 23, 2025 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. [NYSE: AFB] (the "Fund") today released its monthly portfolio update as of April 30, 2025.

AllianceBernstein National Municipal Income Fund, Inc.
Top 10 Fixed-Income Holdings		Portfolio %
1) City of New Orleans LA Series 2021-A 5.00%, 12/01/46		2.25 %
2) Melissa Independent School District Series 2024-2 4.25%, 02/01/53		2.22 %
3) Greenwood Independent School District Series 2025-2 5.50%, 02/15/49		2.19 %
4) Dallas Independent School District Series 2024-2 4.00%, 02/15/54		2.00 %
5) Public Authority for Colorado Energy Series 2008 6.50%, 11/15/38		1.96 %
6) State of Hawaii Airports System Revenue Series 2025-2 5.00%, 07/01/54		1.96 %
7) County of Miami-Dade FL Aviation Revenue Series 2025-A 5.50%, 10/01/55		1.95 %
8) New York Transportation Development Corp. Series 2024 Zero Coupon, 12/31/54		1.95 %
9) Commonwealth of Massachusetts Series 2023 5.00%, 05/01/53		1.93 %
10) City of New York NY Series 2023 4.125%, 08/01/53		1.92 %
Sector/Industry Breakdown		Portfolio %
Revenue
Health Care - Not-for-Profit		12.45 %
Airport		8.97 %
Revenue - Miscellaneous		8.16 %
Prepay Energy		7.79 %
Toll Roads/Transit		5.40 %
Industrial Development - Airline		3.84 %
Primary/Secondary Ed. - Public		3.11 %
Higher Education - Private		2.70 %
Water & Sewer		2.44 %
Port		2.16 %
Tobacco Securitization		2.00 %
Industrial Development - Industry		1.96 %
Electric Utility		1.30 %
Senior Living		1.01 %
Industrial Development - Utility		0.58 %
SUBTOTAL		63.87 %
Tax Supported
Local G.O.		11.83 %
Special Tax		4.97 %
State G.O.		4.46 %
Assessment District		0.19 %
SUBTOTAL		21.45 %
Guaranteed		13.30 %
Asset-Backed
Housing - Multi-Family		1.36 %
SUBTOTAL		1.36 %
Prerefunded/ETM		0.02 %
Total		100.00 %
State Breakdown		Portfolio %
Texas		16.00 %
Florida		10.05 %
Illinois		8.56 %
New York		7.54 %
Wisconsin		7.03 %
California		6.08 %
Michigan		3.98 %
South Carolina		3.82 %
Massachusetts		3.64 %
Pennsylvania		3.51 %
Colorado		2.58 %
Ohio		2.50 %
Louisiana		2.25 %
New Jersey		2.05 %
Alabama		2.03 %
Hawaii		1.96 %
New Hampshire		1.94 %
Arizona		1.93 %
Nebraska		1.76 %
Georgia		1.47 %
Minnesota		1.36 %
Nevada		0.98 %
Virginia		0.94 %
Indiana		0.89 %
North Carolina		0.81 %
Alaska		0.70 %
Tennessee		0.55 %
Washington		0.53 %
Utah		0.47 %
Maryland		0.40 %
North Dakota		0.38 %
Arkansas		0.37 %
Oklahoma		0.35 %
Oregon		0.24 %
Connecticut		0.21 %
South Dakota		0.14 %
Total Investments		100.00 %
Credit Quality Breakdown		Portfolio %
AAA		13.66 %
AA		29.16 %
A		25.79 %
BBB		19.30 %
BB		7.60 %
B		0.34 %
Not Rated		4.13 %
Pre-refunded Bonds		0.02 %
Total		100.00 %
Bonds by Maturity		Portfolio %
Less than 1 Year		0.20 %
1 to 5 Years		2.34 %
5 to 10 Years		3.71 %
10 to 20 Years		16.66 %
20 to 30 Years		61.37 %
More than 30 Years		15.72 %
Other		0.00 %
Total Net Assets		100.00 %
Portfolio Statistics:
AMT Percent:		19.37 %
Average Coupon:		4.47 %
Percentage of Leverage:
Bank Borrowing:		0.00 %
Investment Operations:		0.00 %
Auction Preferred Shares (APS):		0.00 %
Tender Option Bonds:		12.08 %
VMTP Shares:		15.93 %
VRDP Shares:		18.04 %
Total Fund Leverage:		46.05%*
Average Maturity:		15.62 Years
Effective Duration:		10.87 Years
Total Net Assets:		$337.84 Million**
Common Stock Net Asset Value:		$11.75
Total Number of Holdings:		156
Portfolio Turnover:		32.00 %

* The total percentage of leverage constitutes 12.08% through the use of tender option bonds, 15.93% in issued and outstanding VMTPs, 18.04% in issued and outstanding VRDPs and 0.00% 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.

 

View original content:https://www.prnewswire.com/news-releases/alliancebernstein-national-municipal-income-fund-inc-releases-monthly-portfolio-update-302464546.html

SOURCE AllianceBernstein National Municipal Income Fund, Inc.

FAQ

What is the current Net Asset Value (NAV) of AllianceBernstein National Municipal Income Fund (AFB)?

As of April 30, 2025, the Common Stock Net Asset Value (NAV) of AFB is $11.75.

What are the top 3 state exposures in AFB's portfolio?

The top 3 state exposures in AFB's portfolio are Texas (16.00%), Florida (10.05%), and Illinois (8.56%).

What is the credit quality breakdown of AFB's portfolio?

The portfolio's credit quality breakdown is: AAA (13.66%), AA (29.16%), A (25.79%), BBB (19.30%), BB (7.60%), B (0.34%), Not Rated (4.13%), and Pre-refunded Bonds (0.02%).

How much leverage does AFB currently employ?

AFB employs a total leverage of 46.05%, consisting of 12.08% tender option bonds, 15.93% VMTP shares, and 18.04% VRDP shares.

What is the maturity structure of AFB's portfolio?

The majority of AFB's bonds (77.09%) have maturities over 20 years, with 61.37% between 20-30 years and 15.72% over 30 years. The remaining bonds are distributed across shorter maturities.