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. 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" ]AllianceBernstein National Municipal Income Fund (NYSE: AFB) ha pubblicato l’aggiornamento mensile del portafoglio al 31 agosto 2025, mostrando un portafoglio di obbligazioni municipali altamente diversificato con 325,11 milioni di dollari di patrimonio netto totale. Il fondo mantiene un livello di leverage significativo pari al 45,02%, principalmente tramite VRDP Shares (17,77%), VMTP Shares (15,69%) e Tender Option Bonds (11,56%).
Il portafoglio è composto da 175 titoli con una cedola media del 4,69% e una duration effettiva di 11,99 anni. La qualità del credito è concentrata in obbligazioni investment grade, con il 73,24% valutate A o superiore. La diversificazione geografica mostra le esposizioni principali in Texas (14,22%), California (9,49%) e Florida (9,43%). La maggioranza delle obbligazioni (82,45%) ha una scadenza superiore ai 20 anni.
[ "Elevata qualità del credito con il 73,24% del portafoglio valutato A o migliore", "Ampia diversificazione su 37 stati, riducendo il rischio geografico", "Coupon medio ad alto rendimento del 4,69%", "Portafoglio di notevole dimensione con 325,11 milioni di dollari di patrimonio netto totale" ]
AllianceBernstein National Municipal Income Fund (NYSE: AFB) ha publicado su actualización mensual de cartera al 31 de agosto de 2025, mostrando una cartera diversificada de bonos municipales con 325,11 millones de dólares en activo neto total. El fondo mantiene un ratio de apalancamiento significativo de 45,02%, principalmente a través de VRDP Shares (17,77%), VMTP Shares (15,69%) y Tender Option Bonds (11,56%).
La cartera está compuesta por 175 holdings con un cupón medio de 4,69% y una duración efectiva de 11,99 años. La calidad crediticia se concentra en bonos de grado de inversión, con el 73,24% calificados A o superiores. La diversificación geográfica muestra exposiciones principales en Texas (14,22%), California (9,49%) y Florida (9,43%). La mayoría de los bonos (82,45%) tiene vencimientos superiores a 20 años.
[ "Alta calidad crediticia con el 73,24% de la cartera calificada A o mejor", "Diversificación amplia a lo largo de 37 estados, reduciendo el riesgo geográfico", "Cupón medio de alto rendimiento del 4,69%", "Tamaño sustancial de la cartera con un activo neto total de 325,11 millones de dólares" ]
AllianceBernstein National Municipal Income Fund (NYSE: AFB)가 2025년 8월 31일 기준 월간 포트폴리오 업데이트를 발표했으며, 총 순자산 3억2511만 달러의 다양한 지방채 포트폴리오를 공개했습니다. 펀드는 레버리지 비율 45.02%를 상당 부분 VRDP 주식(17.77%), VMTP 주식(15.69%), Tender Option Bonds(11.56%)를 통해 유지합니다.
포트폴리오는 175건의 보유를 포함하며 평균 쿠폰 4.69%, 유효 듀레이션 11.99년입니다. 신용등급은 투자등급 채권에 집중되어 있으며 73.24%가 A급 또는 그 이상으로 평가됩니다. 지리적 다각화는 텍사스(14.22%), 캘리포니아(9.49%), 플로리다(9.43%)가 주요 노출로 나타납니다. 채권의 대부분(82.45%)은 만기가 20년을 초과합니다.
[ "신용질이 우수한 73.24%의 포트폴리오가 A급 이상으로 평가", "37개 주에 걸친 광범위한 다각화로 지리적 리스크 감소", "높은 수익률의 평균 쿠폰 4.69%", "총 순자산 325.11백만 달러의 포트폴리오 규모" ]
AllianceBernstein National Municipal Income Fund (NYSE: AFB) a publié sa mise à jour mensuelle du portefeuille au 31 août 2025, dévoilant un portefeuille diversifié d’obligations municipales avec 325,11 millions de dollars d’actifs nets totaux. Le fonds affiche un niveau d’endettement significatif de 45,02%, principalement via les VRDP Shares (17,77%), les VMTP Shares (15,69%) et les Tender Option Bonds (11,56%).
Le portefeuille comprend 175 positions avec un coupon moyen de 4,69% et une duration effective de 11,99 ans. La qualité de crédit se situe principalement parmi les obligations de qualité investissement, avec 73,24% notées A ou au-dessus. La diversification géographique montre les expositions les plus importantes dans Texas (14,22%), Californie (9,49%) et Floride (9,43%). La majorité des obligations (82,45%) a une maturité supérieure à 20 ans.
[ "Excellente qualité de crédit avec 73,24% du portefeuille noté A ou mieux", "Forte diversification à travers 37 États, réduction du risque géographique", "Coupon moyen élevé de 4,69%", "Portefeuille d’une taille notable avec 325,11 millions de dollars d’actifs nets totaux" ]
AllianceBernstein National Municipal Income Fund (NYSE: AFB) hat sein monatliches Portfolioupdate per Stand 31. August 2025 veröffentlicht und präsentiert ein diversifiziertes Portfolio von kommunalen Anleihen mit 325,11 Mio. USD an Total Net Assets. Der Fonds weist eine signifikante Verschuldungsquote von 45,02% auf, hauptsächlich durch VRDP-Anteile (17,77%), VMTP-Anteile (15,69%) und Tender Option Bonds (11,56%).
Das Portfolio umfasst 175 Positionen mit einer durchschnittlichen Kuponrendite von 4,69% und einer effektiven Duration von 11,99 Jahren. Die Kreditqualität konzentriert sich auf Investment-Grade-Anleihen, wobei 73,24% mit A oder höher bewertet sind. Geografisch diversifiziert zeigt sich die größte Exponierung in Texas (14,22%), Kalifornien (9,49%) und Florida (9,43%). Die Mehrheit der Anleihen (82,45%) hat Laufzeiten von über 20 Jahren.
[ "Hohe Kreditqualität mit 73,24% Portfoliowertung A oder besser", "Breite Diversifikation über 37 Staaten, geringeres geografisches Risiko", "Hochrentierlicher Durchschnittscoupon von 4,69%", "Beachtliche Portfoliogröße mit Total Net Assets von 325,11 Mio. USD" ]
AllianceBernstein National Municipal Income Fund (NYSE: AFB) أطلق تحديث محفظته الشهري حتى 31 أغسطس 2025، كاشفاً عن محفظة سندات بلدية متنوعة بـ 325.11 مليون دولار من الأصول الصافية الإجمالية. يحافظ الصندوق على نسبة رافعة كبيرة تبلغ 45.02%، بشكل أساسي من خلال أسهم VRDP (17.77%)، أسهم VMTP (15.69%)، وسندات خيار العطاء (Tender Option Bonds) بنسبة 11.56%.
تتكون المحفظة من 175 حيازة بعملة كوبون وسط قدره 4.69% وفترة فعالة قدرها 11.99 سنة. جودة الائتمان مركزة في السندات ذات التصنيف الاستثمار-جيد، مع 73.24% مصنفة A أو أعلى. التنويع الجغرافي يظهر أعلى تعرّضات في تكساس (14.22%)، كاليفورنيا (9.49%)، فلوريدا (9.43%). أغلب السندات (82.45%) لها آجال تتجاوز 20 عاماً.
[ "جودة ائتمانية عالية مع 73.24% من المحفظة مصنفة A أو أفضل", "تنويع واسع عبر 37 ولاية، يقلل من المخاطر الجغرافية", "كوبون عائد مرتفع بمعدل 4.69%", "حجم محفظة ملحوظ بإجمالي أصول صافية يساوي 325.11 مليون دولار" ]
AllianceBernstein National Municipal Income Fund (NYSE: AFB) 已发布截至2025年8月31日的月度投资组合更新，显示出一个多元化的市政债券投资组合，总净资产为3.2511亿美元。基金的杠杆比率显著，为45.02%，主要通过VRDP份额（17.77%）、VMTP份额（15.69%）和Tender Option Bonds（11.56%）实现。
投资组合包含175个持仓，平均息票率为4.69%，有效久期为11.99年。信用质量以投资级债券为主，73.24%被评为A级或更高。地理分散性方面，主要暴露在德州（14.22%）、加利福尼亚（9.49%）和佛罗里达（9.43%）。大多数债券（82.45%）到期时间超过20年。
[ "强信用质量，73.24%投资组合评级为A级及以上", "跨37个州的广泛分散，降低地理风险", "较高收益的平均票息4.69%", "资产净值总额3.2511亿美元的巨大投资组合规模" ]
- None.
- 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
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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