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 August 31, 2025, revealing a diversified municipal bond portfolio with $325.11 million in total net assets.
Rhea-AI Summary
AllianceBernstein National Municipal Income Fund (NYSE: AFB) has released its monthly portfolio update as of August 31, 2025, revealing a diversified municipal bond portfolio with $325.11 million in total net assets. The fund maintains a significant leverage ratio of 45.02%, primarily through VRDP Shares (17.77%), VMTP Shares (15.69%), and Tender Option Bonds (11.56%).
The portfolio consists of 175 holdings with an average coupon of 4.69% and effective duration of 11.99 years. Credit quality is concentrated in investment-grade bonds, with 73.24% rated A or higher. Geographic diversification shows the largest exposures in Texas (14.22%), California (9.49%), and Florida (9.43%). The majority of bonds (82.45%) have maturities exceeding 20 years.
[ "Strong credit quality with 73.24% of portfolio rated A or better", "Well-diversified across 37 states, reducing geographic risk", "High-yield average coupon of 4.69%", "Substantial portfolio size of $325.11 million in total net assets" ]Positive
- None.
Negative
- High leverage ratio of 45.02% increases risk
- Significant interest rate risk with long duration of 11.99 years
- High concentration in long-term bonds (82.45% over 20 years)
- Limited liquidity with only 0.37% in bonds under 5 years maturity
Details
News Market Reaction – AFB
On Sep 23, the first trading day after this news, AFB closed 0.18% above the previous close.
Data tracked by StockTitan Argus for the Sep 23 session.
AI-generated analysis. How Rhea-AI works. Not financial advice.
AllianceBernstein National Municipal Income Fund, Inc. | ||
Top 10 Fixed-Income Holdings | Portfolio % | |
1) Melissa Independent School District Series 2024-2 | 2.02 % | |
2) Commonwealth of Massachusetts Series 2024-A | 1.99 % | |
3) Oklahoma Turnpike Authority Series 2023 | 1.88 % | |
4) Worthington City School District Series 2023 | 1.85 % | |
5) Metropolitan Washington Airports Authority Aviation Revenue Series 2025-2 | 1.84 % | |
6) State of Hawaii Airports System Revenue Series 2025-A | 1.83 % | |
7) Dallas Independent School District Series 2024-2 | 1.82 % | |
8) County of Miami-Dade FL Aviation Revenue Series 2025-A | 1.82 % | |
9) Greenwood Independent School District Series 2024 | 1.81 % | |
10) Leander Independent School District Series 2025-A | 1.80 % | |
Investment Type | Portfolio % | |
State Breakdown | Portfolio % | |
14.22 % | ||
9.49 % | ||
9.43 % | ||
9.20 % | ||
7.00 % | ||
6.27 % | ||
5.76 % | ||
4.11 % | ||
3.21 % | ||
2.86 % | ||
2.69 % | ||
2.57 % | ||
2.26 % | ||
2.16 % | ||
2.06 % | ||
2.01 % | ||
1.94 % | ||
1.83 % | ||
1.28 % | ||
1.20 % | ||
0.95 % | ||
0.95 % | ||
0.82 % | ||
0.75 % | ||
0.64 % | ||
0.58 % | ||
0.51 % | ||
0.49 % | ||
0.44 % | ||
0.37 % | ||
0.36 % | ||
0.35 % | ||
0.35 % | ||
0.34 % | ||
0.23 % | ||
0.19 % | ||
0.13 % | ||
Total Investments | 100.00 % | |
Net Currency Exposure Breakdown | Portfolio % | |
US Dollar | 100.00 % | |
Total Net Assets | 100.00 % | |
Credit Quality Breakdown | Portfolio % | |
AAA | 12.02 % | |
AA | 36.20 % | |
A | 25.02 % | |
BBB | 15.62 % | |
BB | 7.04 % | |
B | 0.53 % | |
Not Rated | 3.55 % | |
Pre-refunded Bonds | 0.02 % | |
Total | 100.00 % | |
Bonds by Maturity | Portfolio % | |
Less than 1 Year | 0.19 % | |
1 to 5 Years | 0.18 % | |
5 to 10 Years | 2.66 % | |
10 to 20 Years | 14.52 % | |
20 to 30 Years | 59.89 % | |
More than 30 Years | 22.56 % | |
Other | 0.00 % | |
Total Net Assets | 100.00 % | |
Portfolio Statistics: | ||
AMT Percent: | 22.91 % | |
Average Coupon: | 4.69 % | |
Percentage of Leverage(based on gross assets): | ||
Bank Borrowing: | 0.00 % | |
Investment Operations: | 0.00 % | |
Auction Preferred Shares (APS): | 0.00 % | |
Tender Option Bonds: | 11.56 % | |
VMTP Shares: | 15.69 % | |
VRDP Shares: | 17.77 % | |
Total Fund Leverage: | 45.02 % | |
Average Maturity: | 17.67 Years | |
Effective Duration: | 11.99 Years | |
Total Net Assets: | ||
Net Asset Value: | ||
Total Number of Holdings: | 175 | |
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-302563299.html
SOURCE AllianceBernstein National Municipal Income Fund, Inc.
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