AllianceBernstein National Municipal Income Fund, Inc. Releases Monthly Portfolio Update
Rhea-AI Summary
AllianceBernstein National Municipal Income Fund (NYSE: AFB) released its monthly portfolio update as of December 31, 2025. The fund reports Total Net Assets of $347.22 million and a Common Stock NAV of $12.08. Portfolio leverage totaled 40.58% (23.13% tender option bonds; 17.45% VRDPs). Key portfolio metrics include Average Coupon 4.88%, Effective Duration 11.82 years, Average Maturity 13.64 years, Portfolio Turnover 56%, and 176 holdings. Credit-quality mix is concentrated in investment-grade: AAA 12.41%, AA 38.08%, and A 19.97%. Sector exposure is weighted toward revenue bonds (Health care not-for-profit 12.77%, Airports 10.26%), and top state exposure is Texas at 14.47%.
Positive
- Investment-grade bias: AAA+AA+A 70.46% of portfolio
- Substantial scale: $347.22M total net assets
- Diversified revenue exposure: Revenue sector 63.52% subtotal
Negative
- High leverage: 40.58% total fund leverage
- Long interest-rate sensitivity: Effective Duration 11.82 years
- Geographic concentration: Texas 14.47% of portfolio
News Market Reaction
On the day this news was published, AFB gained 0.18%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AllianceBernstein National Municipal Income Fund, Inc.
Top 10 Fixed-Income Holdings | Portfolio % | |
1) Melissa Independent School District Series 2024-2 | 2.16 % | |
2) Commonwealth of Massachusetts Series 2025-2 | 2.00 % | |
3) Oklahoma Turnpike Authority Series 2023 | 1.97 % | |
4) Dallas Independent School District Series 2024-2 | 1.93 % | |
5) New York Transportation Development Corp. Series 2024 Zero Coupon, 12/31/54 | 1.92 % | |
6) State of Hawaii Airports System Revenue Series 2025-2 | 1.86 % | |
7) Worthington City School District Series 2025-2 | 1.86 % | |
8) City of Atlanta GA Department of Aviation Series 2025-2 | 1.85 % | |
9) Metropolitan Washington Airports Authority Aviation Revenue Series 2025-2 | 1.85 % | |
10) County of Miami-Dade FL Aviation Revenue Series 2025-2 | 1.83 % | |
Sector/Industry Breakdown | Portfolio % | |
Revenue | ||
Health Care - Not-for-Profit | 12.77 % | |
Airport | 10.26 % | |
Revenue - Miscellaneous | 7.18 % | |
Toll Roads/Transit | 5.51 % | |
Industrial Development - Airline | 5.14 % | |
Prepay Energy | 4.74 % | |
Higher Education - Private | 3.83 % | |
Primary/Secondary Ed. - Public | 3.57 % | |
Port | 2.61 % | |
Industrial Development - Industry | 2.05 % | |
Higher Education - Public | 1.77 % | |
Electric Utility | 1.47 % | |
Senior Living | 1.35 % | |
Water & Sewer | 0.80 % | |
Tobacco Securitization | 0.30 % | |
Primary/Secondary Ed. - Private | 0.17 % | |
SUBTOTAL | 63.52 % | |
Tax Supported | ||
Local G.O. | 10.73 % | |
State G.O. | 6.41 % | |
Special Tax | 3.70 % | |
Local Lease | 1.49 % | |
Assessment District | 0.36 % | |
SUBTOTAL | 22.69 % | |
Guaranteed | 11.85 % | |
Asset-Backed | ||
Housing - Multi-Family | 0.86 % | |
SUBTOTAL | 0.86 % | |
Commercial Mortgage-Backed Securities | ||
Non-Agency Fixed Rate CMBS | 0.49 % | |
Non-Agency Floating Rate CMBS | 0.35 % | |
SUBTOTAL | 0.84 % | |
Cash & Cash Equivalents | ||
Funds and Investment Trusts | 0.22 % | |
SUBTOTAL | 0.22 % | |
Prerefunded/ETM | 0.02 % | |
Total | 100.00 % | |
State Breakdown | Portfolio % | |
14.47 % | ||
8.86 % | ||
7.95 % | ||
7.89 % | ||
7.85 % | ||
5.84 % | ||
5.48 % | ||
4.58 % | ||
4.18 % | ||
3.00 % | ||
2.58 % | ||
2.53 % | ||
2.38 % | ||
2.36 % | ||
2.30 % | ||
2.08 % | ||
2.05 % | ||
1.91 % | ||
1.86 % | ||
1.31 % | ||
0.97 % | ||
0.95 % | ||
0.85 % | ||
0.76 % | ||
0.76 % | ||
0.69 % | ||
0.52 % | ||
0.49 % | ||
0.37 % | ||
0.36 % | ||
0.36 % | ||
0.35 % | ||
0.24 % | ||
0.20 % | ||
0.18 % | ||
0.14 % | ||
Other | 0.35 % | |
Total Investments | 100.00 % | |
Credit Quality Breakdown | Portfolio % | |
AAA | 12.41 % | |
AA | 38.08 % | |
A | 19.97 % | |
BBB | 17.87 % | |
BB | 6.60 % | |
B | 0.53 % | |
Not Rated | 4.30 % | |
Pre-refunded Bonds | 0.02 % | |
Short Term Investments | 0.22 % | |
Total | 100.00 % | |
Bonds by Maturity | Portfolio % | |
Less than 1 Year | 0.37 % | |
1 to 5 Years | 0.13 % | |
5 to 10 Years | 2.61 % | |
10 to 20 Years | 14.00 % | |
20 to 30 Years | 64.21 % | |
More than 30 Years | 18.68 % | |
Other | 0.00 % | |
Total Net Assets | 100.00 % | |
Portfolio Statistics: | ||
AMT Percent: | 19.78 % | |
Average Coupon: | 4.88 % | |
Percentage of Leverage: | ||
Bank Borrowing: | 0.00 % | |
Investment Operations: | 0.00 % | |
Auction Preferred Shares (APS): | 0.00 % | |
Tender Option Bonds: | 23.13 % | |
VMTP Shares: | 0.00 % | |
VRDP Shares: | 17.45 % | |
Total Fund Leverage: | ||
Average Maturity: | 13.64 Years | |
Effective Duration: | 11.82 Years | |
Total Net Assets: | ||
Common Stock Net Asset Value: | ||
Total Number of Holdings: | 176 | |
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-302670276.html
SOURCE AllianceBernstein National Municipal Income Fund, Inc.
FAQ
What are AllianceBernstein National Municipal Income Fund (AFB) total net assets as of Dec 31, 2025?
How much leverage does AFB use in its portfolio update dated Dec 31, 2025?
What is AFB's NAV per share reported in the Dec 31, 2025 update?
How interest-rate sensitive is AFB's portfolio in the Dec 31, 2025 update?
What is the credit-quality profile of AFB's portfolio as of Dec 31, 2025?
Which sectors and states have the largest exposures in AFB's Dec 31, 2025 portfolio?
