AllianceBernstein National Municipal Income Fund, Inc. RELEASES MONTHLY PORTFOLIO UPDATE
Rhea-AI Summary
AllianceBernstein National Municipal Income Fund (NYSE: AFB) released a monthly portfolio update as of June 30, 2026, detailing sector, geographic, credit and maturity allocations, leverage and key statistics for its closed-end municipal bond portfolio.
The Fund reported total net assets of $352.92 million, a common stock NAV of $12.28, and 185 holdings. Top 10 fixed-income positions are led by San Francisco International Airport Series 2026-2 (3.70% of the portfolio) and several education and airport-related issues. Sector exposure is concentrated in revenue-backed bonds, notably airport revenue (14.61%) and health care not-for-profit (10.97%), with total revenue sectors at 65.30% and tax-supported sectors at 22.25%.
State allocations are largest in Texas (12.61%), California (12.01%), Florida (8.40%) and New York (8.36%). Credit quality is primarily investment grade, with AA at 39.56%, A at 17.79%, AAA at 10.50%, and BBB at 16.70%, alongside 8.01% in BB, 0.52% in B, and 6.73% not rated. The portfolio is long-dated, with 63.85% of bonds maturing in 20–30 years and 18.54% beyond 30 years, producing an average maturity of 11.29 years and an effective duration of 10.59 years. The average coupon is 6.15%, and AMT exposure is 22.77%. Total fund leverage is 40.33%, comprised mainly of 22.81% tender option bonds and 17.21% VRDP shares, plus 0.31% from investment operations. Portfolio turnover stands at 56.00%.
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News Market Reaction – AFB
In the Jul 28 session, AFB gained 0.27%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
AllianceBernstein National Municipal Income Fund, Inc. | ||
Top 10 Fixed-Income Holdings | Portfolio % | |
1) San Francisco Intl Airport Series 2026-2 | 3.70 % | |
2) Melissa Independent School District Series 2024-2 | 2.16 % | |
3) New York Transportation Development Corp. Series 2024 Zero Coupon, 12/31/54 | 2.00 % | |
4) Commonwealth of Massachusetts Series 2025-2 | 1.98 % | |
5) Oklahoma Turnpike Authority Series 2023 | 1.94 % | |
6) Dallas Independent School District Series 2024-2 | 1.90 % | |
7) State of Hawaii Airports System Revenue Series 2025-2 | 1.85 % | |
8) Metropolitan Washington Airports Authority Aviation Revenue Series 2025-2 | 1.84 % | |
9) City of Atlanta GA Department of Aviation Series 2025-2 | 1.84 % | |
10) Worthington City School District Series 2025-2 | 1.84 % | |
Sector/Industry Breakdown | Portfolio % | |
Revenue | ||
Airport | 14.61 % | |
Health Care - Not-for-Profit | 10.97 % | |
Revenue - Miscellaneous | 7.02 % | |
Toll Roads/Transit | 5.83 % | |
Industrial Development - Airline | 5.19 % | |
Prepay Energy | 4.37 % | |
Primary/Secondary Ed. - Public | 4.29 % | |
Higher Education - Private | 3.18 % | |
Port | 2.35 % | |
Industrial Development - Industry | 2.03 % | |
Senior Living | 1.85 % | |
Higher Education - Public | 1.76 % | |
Water & Sewer | 0.80 % | |
Electric Utility | 0.58 % | |
Tobacco Securitization | 0.30 % | |
Primary/Secondary Ed. - Private | 0.17 % | |
SUBTOTAL | 65.30 % | |
Tax Supported | ||
Local G.O. | 9.80 % | |
State G.O. | 6.73 % | |
Special Tax | 3.43 % | |
Local Lease | 1.48 % | |
Assessment District | 0.54 % | |
State Lease | 0.27 % | |
SUBTOTAL | 22.25 % | |
Guaranteed | 9.93 % | |
Asset-Backed | ||
Housing - Multi-Family | 1.81 % | |
SUBTOTAL | 1.81 % | |
Commercial Mortgage-Backed Securities | ||
Non-Agency Fixed Rate CMBS | 0.52 % | |
SUBTOTAL | 0.52 % | |
Cash & Cash Equivalents | ||
Funds and Investment Trusts | 0.17 % | |
SUBTOTAL | 0.17 % | |
Prerefunded/ETM | 0.02 % | |
Total | 100.00 % | |
State Breakdown | Portfolio % | |
12.61 % | ||
12.01 % | ||
8.40 % | ||
8.36 % | ||
7.82 % | ||
6.22 % | ||
5.83 % | ||
4.16 % | ||
3.67 % | ||
3.65 % | ||
3.35 % | ||
2.83 % | ||
2.57 % | ||
2.33 % | ||
1.97 % | ||
1.95 % | ||
1.39 % | ||
1.29 % | ||
1.25 % | ||
0.97 % | ||
0.90 % | ||
0.76 % | ||
0.76 % | ||
0.69 % | ||
0.67 % | ||
0.54 % | ||
0.52 % | ||
0.52 % | ||
0.36 % | ||
0.35 % | ||
0.34 % | ||
0.24 % | ||
0.21 % | ||
0.16 % | ||
0.13 % | ||
0.05 % | ||
Other | 0.17 % | |
Total Investments | 100.00 % | |
Credit Quality Breakdown | Portfolio % | |
AAA | 10.50 % | |
AA | 39.56 % | |
A | 17.79 % | |
BBB | 16.70 % | |
BB | 8.01 % | |
B | 0.52 % | |
Not Rated | 6.73 % | |
Pre-refunded Bonds | 0.02 % | |
Short Term Investments | 0.17 % | |
Total | 100.00 % | |
Bonds by Maturity | Portfolio % | |
Less than 1 Year | 0.31 % | |
1 to 5 Years | 0.13 % | |
5 to 10 Years | 2.54 % | |
10 to 20 Years | 14.63 % | |
20 to 30 Years | 63.85 % | |
More than 30 Years | 18.54 % | |
Other | 0.00 % | |
Total Net Assets | 100.00 % | |
Portfolio Statistics: | ||
AMT Percent: | 22.77 % | |
Average Coupon: | 6.15 % | |
Percentage of Leverage: | ||
Bank Borrowing: | 0.00 % | |
Investment Operations: | 0.31 % | |
Auction Preferred Shares (APS): | 0.00 % | |
Tender Option Bonds: | 22.81 % | |
VMTP Shares: | 0.00 % | |
VRDP Shares: | 17.21 % | |
Total Fund Leverage: | ||
Average Maturity: | 11.29 Years | |
Effective Duration: | 10.59 Years | |
Total Net Assets: | ||
Common Stock Net Asset Value: | ||
Total Number of Holdings: | 185 | |
Portfolio Turnover: | 56.00 % | |
* The total percentage of leverage constitutes | ||
in issued and outstanding VRDPs and | ||
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 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-302835501.html
SOURCE AllianceBernstein National Municipal Income Fund, Inc.