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 April 30, 2024. The fund's top five fixed-income holdings include Lamar Consolidated Independent School District Series 2023-A, City of New Orleans LA Series 2021-A, Prosper Independent School District Series 2024, Melissa Independent School District Series 2023, and Dallas Independent School District Series 2024.

Notably, the fund's portfolio spans sectors like Health Care, Energy, and Airports. Texas constitutes the largest state allocation at 16.28%. The credit quality of the portfolio is predominantly high, with 16.63% AAA-rated and 29.84% AA-rated bonds. The average maturity is 12.08 years, and the effective duration is 8.28 years. The fund has total net assets of $350.58 million and a leverage percentage of 40.61%.

Positive

• Top 10 fixed-income holdings show diversification with various school districts and municipal bonds.
• High credit quality with 16.63% AAA-rated and 29.84% AA-rated bonds.
• Broad sector allocation including Health Care, Energy, and Airports.
• Texas is the largest state allocation at 16.28%, indicating a strategic geographical focus.
• Average maturity of 12.08 years suggests a balanced long-term strategy.
• Effective duration of 8.28 years aligns with managing interest rate risk.
• Total net assets of $350.58 million indicate a substantial fund size.

Negative

• Leverage percentage is high at 40.61%, which might increase risk during market volatility.
• Significant reliance on VMTPs (40.25%) could pose liquidity risks.
• Concentration in long-term bonds (56.89% in 20-30 years), which may be sensitive to interest rate changes.

NEW YORK, May 24, 2024 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc.[NYSE: AFB] (the "Fund") today released its monthly portfolio update as of April 30, 2024. 

AllianceBernstein National Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings		Portfolio %
1) Lamar Consolidated Independent School District Series 2023-A 5.00%, 02/15/53		2.75 %
2) City of New Orleans LA Series 2021-A 5.00%, 12/01/46		2.72 %
3) Prosper Independent School District Series 2024 4.00%, 02/15/54		2.43 %
4) Melissa Independent School District Series 2023 4.25%, 02/01/53		2.16 %
5) Dallas Independent School District Series 2024 4.00%, 02/15/54		1.93 %
6) City of New York NY Series 2023 4.125%, 08/01/53		1.88 %
7) Public Authority for Colorado Energy Series 2008 6.50%, 11/15/38		1.88 %
8) Denton Independent School District Series 2023 5.00%, 08/15/48		1.86 %
9) Commonwealth of Massachusetts Series 2023 5.00%, 05/01/53		1.84 %
10) Wisconsin Public Finance Authority Series 2018 5.00%, 07/01/58		1.75 %

 

Sector/Industry Breakdown		Portfolio %
Revenue
Health Care - Not-for-Profit		13.67 %
Prepay Energy		7.37 %
Revenue - Miscellaneous		6.20 %
Airport		5.35 %
Electric Utility		3.12 %
Higher Education - Private		2.99 %
Toll Roads/Transit		2.92 %
Industrial Development - Industry		2.81 %
Tobacco Securitization		1.92 %
Port		1.45 %
Primary/Secondary Ed. - Public		1.33 %
Water & Sewer		1.13 %
Industrial Development - Utility		0.53 %
Senior Living		0.24 %
SUBTOTAL		51.03 %
Tax Supported
Local G.O.		15.86 %
State G.O.		7.61 %
Special Tax		6.82 %
State Lease		0.59 %
Assessment District		0.18 %
SUBTOTAL		31.06 %
Insured/Guaranteed
Guaranteed		13.25 %
SUBTOTAL		13.25 %
Prerefunded/ETM		2.32 %
Commercial Mortgage-Backed Securities		1.24 %
Asset-Backed
Housing - Multi-Family		0.97 %
SUBTOTAL		0.97 %
Cash & Cash Equivalents
Funds and Investment Trusts		0.13 %
SUBTOTAL		0.13 %
Total		100.00 %

 

State Breakdown		Portfolio %
Texas		16.28 %
Illinois		10.12 %
New York		6.24 %
Michigan		6.01 %
Florida		5.72 %
California		5.50 %
New Jersey		4.95 %
Wisconsin		4.89 %
Pennsylvania		4.42 %
Massachusetts		3.75 %
South Carolina		3.10 %
Louisiana		2.92 %
Georgia		2.21 %
New Hampshire		2.05 %
Colorado		2.00 %
Arizona		1.97 %
Ohio		1.93 %
Washington		1.91 %
Minnesota		1.66 %
Nebraska		1.64 %
Oklahoma		1.53 %
Nevada		1.52 %
Utah		1.24 %
Iowa		0.90 %
Virginia		0.88 %
North Carolina		0.77 %
West Virginia		0.68 %
Alabama		0.55 %
Indiana		0.48 %
North Dakota		0.43 %
Maryland		0.38 %
Arkansas		0.35 %
Oregon		0.22 %
Connecticut		0.19 %
Alaska		0.18 %
South Dakota		0.13 %
Puerto Rico		0.10 %
Tennessee		0.07 %
Other		0.13 %
Total Investments		100.00 %

 

Credit Quality Breakdown		Portfolio %
AAA		16.63 %
AA		29.84 %
A		29.48 %
BBB		17.37 %
BB		2.79 %
B		0.31 %
CCC		0.11 %
D		0.23 %
Not Rated		0.79 %
Pre-refunded Bonds		2.32 %
Short Term Investments		0.13 %
Total		100.00 %

 

Bonds by Maturity		Portfolio %
Less than 1 Year		1.78 %
1 To 5 Years		2.16 %
5 To 10 Years		6.15 %
10 To 20 Years		21.74 %
20 To 30 Years		56.89 %
More than 30 Years		11.28 %
Other		0.00 %
Total Net Assets		100.00 %

 

Portfolio Statistics:
AMT Percent:		11.40 %
Average Coupon:		4.52 %
Percentage of Leverage:
Bank Borrowing:		0.00 %
Investment Operations:		0.36 %
Auction Preferred Shares (APS):		0.00 %
Tender Option Bonds:		0.00 %
VMTP Shares:		40.25 %
Total Fund Leverage:		40.61%*
Average Maturity:		12.08 Years
Effective Duration:		8.28 Years
Total Net Assets:		$350.58 Million**
Common Stock Net Asset Value:		$12.20
Total Number of Holdings:		167
Portfolio Turnover:		55.00 %

 

* The total percentage of leverage constitutes 0.00% through the use of tender option bonds, 40.25% in issued and outstanding VMTPs and 0.36% 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 $232,125,000 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 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-302155400.html

SOURCE AllianceBernstein National Municipal Income Fund, Inc.

FAQ

What are the top holdings of AllianceBernstein National Municipal Income Fund (AFB) as of April 30, 2024?

The top holdings include Lamar Consolidated Independent School District Series 2023-A, City of New Orleans LA Series 2021-A, Prosper Independent School District Series 2024, Melissa Independent School District Series 2023, and Dallas Independent School District Series 2024.

What is the credit quality breakdown of AllianceBernstein National Municipal Income Fund (AFB)?

The portfolio consists of 16.63% AAA, 29.84% AA, 29.48% A, and 17.37% BBB-rated bonds.

How much leverage does AllianceBernstein National Municipal Income Fund (AFB) use?

The fund has a leverage percentage of 40.61%, primarily through VMTPs (40.25%).

What is the average maturity of the bonds in AllianceBernstein National Municipal Income Fund (AFB)?

The average maturity of the bonds is 12.08 years.

What sectors does AllianceBernstein National Municipal Income Fund (AFB) invest in?

The fund invests in sectors including Health Care, Energy, Airports, and various municipal areas.

What is the total net asset value of AllianceBernstein National Municipal Income Fund (AFB)?

The total net assets of the fund are $350.58 million.