AllianceBernstein National Municipal Income Fund, Inc. Releases Monthly Portfolio Update

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On July 1, 2024, AllianceBernstein National Municipal Income Fund (NYSE: AFB) published its monthly portfolio update as of May 31, 2024. The top holdings include Lamar Consolidated Independent School District Series 2023-A at 2.70% and the City of New Orleans LA Series 2021-A at 2.66%. The portfolio’s sector breakdown shows significant investments in Health Care - Not-for-Profit (13.04%) and Prepay Energy (7.16%). Texas leads the state breakdown with an 18.00% share, followed by Illinois at 9.66% and Michigan at 5.87%. The portfolio is mainly composed of high-quality bonds with 18.54% rated AAA and 28.80% rated AA, and has a total net asset value of $350.33 million. The portfolio turnover is 55.00%, and the average maturity is 12.14 years with an effective duration of 8.77 years. The fund's leverage stands at 41.74%.

NEW YORK, July 1, 2024 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. [NYSE: AFB] (the "Fund") today released its monthly portfolio update as of May 31, 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		2.70 %
2) City of New Orleans LA Series 2021-A 5.00%, 12/01/46		2.66 %
3) Prosper Independent School District Series 2024 4.00%, 02/15/54		2.39 %
4) Greenwood Independent School District Series 2024 4.00%, 02/15/54		2.26 %
5) Melissa Independent School District Series 2023 4.25%, 02/01/53		2.09 %
6) Dallas Independent School District Series 2024 4.00%, 02/15/54		1.91 %
7) City of New York NY Series 2023 4.125%, 08/01/53		1.83 %
8) Public Authority for Colorado Energy Series 2008 6.50%, 11/15/38		1.82 %
9) Denton Independent School District Series 2023 5.00%, 08/15/48		1.82 %
10) Commonwealth of Massachusetts Series 2023 5.00%, 05/01/53		1.81 %
Sector/Industry Breakdown		Portfolio %
Revenue
Health Care - Not-for-Profit		13.04 %
Prepay Energy		7.16 %
Revenue - Miscellaneous		6.04 %
Airport		5.22 %
Electric Utility		3.06 %
Higher Education - Private		2.98 %
Toll Roads/Transit		2.91 %
Industrial Development - Industry		2.79 %
Tobacco Securitization		1.87 %
Port		1.45 %
Primary/Secondary Ed. - Public		1.33 %
Water & Sewer		1.11 %
Industrial Development - Utility		0.52 %
Senior Living		0.24 %
SUBTOTAL		49.72 %
Tax Supported
Local G.O.		15.45 %
State G.O.		7.20 %
Special Tax		6.50 %
State Lease		0.58 %
Assessment District		0.18 %
SUBTOTAL		29.91 %
Insured/Guaranteed
Guaranteed		15.24 %
SUBTOTAL		15.24 %
Cash & Cash Equivalents
Funds and Investment Trusts		1.83 %
SUBTOTAL		1.83 %
Commercial Mortgage-Backed Securities
Non-Agency Fixed Rate CMBS		1.02 %
Non-Agency Floating Rate CMBS		0.18 %
SUBTOTAL		1.20 %
Prerefunded/ETM		1.16 %
Asset-Backed
Housing - Multi-Family		0.94 %
SUBTOTAL		0.94 %
Total		100.00 %
State Breakdown		Portfolio %
Texas		18.00 %
Illinois		9.66 %
Michigan		5.87 %
Florida		5.64 %
New York		5.42 %
California		5.40 %
South Carolina		4.70 %
Pennsylvania		4.31 %
Wisconsin		3.93 %
Massachusetts		3.68 %
New Jersey		3.31 %
Louisiana		2.85 %
Georgia		2.16 %
New Hampshire		1.99 %
Colorado		1.95 %
Arizona		1.93 %
Ohio		1.89 %
Washington		1.87 %
Minnesota		1.62 %
Nebraska		1.59 %
Oklahoma		1.49 %
Nevada		1.48 %
Utah		1.21 %
Iowa		0.89 %
Virginia		0.86 %
North Carolina		0.75 %
West Virginia		0.67 %
Alabama		0.54 %
Indiana		0.50 %
North Dakota		0.42 %
Maryland		0.37 %
Arkansas		0.33 %
Oregon		0.22 %
Connecticut		0.19 %
Alaska		0.18 %
South Dakota		0.13 %
Puerto Rico		0.10 %
Tennessee		0.07 %
Other		1.83 %
Total Investments		100.00 %
Credit Quality Breakdown		Portfolio %
AAA		18.54 %
AA		28.80 %
A		28.58 %
BBB		17.10 %
BB		2.74 %
B		0.14 %
CCC		0.11 %
D		0.22 %
Not Rated		0.78 %
Pre-refunded Bonds		1.16 %
Short Term Investments		1.83 %
Total		100.00 %
Bonds by Maturity		Portfolio %
Less than 1 Year		2.34 %
1 To 5 Years		2.46 %
5 To 10 Years		4.56 %
10 To 20 Years		21.20 %
20 To 30 Years		56.84 %
More than 30 Years		12.60 %
Other		0.00 %
Total Net Assets		100.00 %
Portfolio Statistics:
AMT Percent:		11.34 %
Average Coupon:		4.22 %
Percentage of Leverage:
Bank Borrowing:		0.00 %
Investment Operations:		2.32 %
Auction Preferred Shares (APS):		0.00 %
Tender Option Bonds:		0.00 %
VMTP Shares:		39.42 %
Total Fund Leverage:		41.74%*
Average Maturity:		12.14 Years
Effective Duration:		8.77 Years
Total Net Assets:		$350.33 Million**
Common Stock Net Asset Value:		$12.19
Total Number of Holdings:		163
Portfolio Turnover:		55.00 %
* The total percentage of leverage constitutes 0.00% through the use of tender option bonds, 39.42% in issued and outstanding VMTPs and 2.32% 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.

 

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SOURCE AllianceBernstein National Municipal Income Fund, Inc.

FAQ

What are the top holdings of AllianceBernstein National Municipal Income Fund (AFB) as of May 31, 2024?

The top holdings include Lamar Consolidated Independent School District Series 2023-A at 2.70% and City of New Orleans LA Series 2021-A at 2.66%.

Which sectors does AllianceBernstein National Municipal Income Fund (AFB) invest in most heavily?

The fund invests heavily in Health Care - Not-for-Profit (13.04%) and Prepay Energy (7.16%).

What is the state breakdown of AllianceBernstein National Municipal Income Fund (AFB)'s portfolio?

The largest investments are in Texas (18.00%), Illinois (9.66%), and Michigan (5.87%).

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

The portfolio includes 18.54% AAA-rated bonds and 28.80% AA-rated bonds.

What is the total net asset value of AllianceBernstein National Municipal Income Fund (AFB) as of May 31, 2024?

The total net asset value is $350.33 million.

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

The fund uses leverage of 41.74%, which includes 39.42% in VMTP shares.

What is the average maturity and effective duration of AllianceBernstein National Municipal Income Fund (AFB)'s portfolio?

The average maturity is 12.14 years, and the effective duration is 8.77 years.

How often does AllianceBernstein National Municipal Income Fund (AFB) update its portfolio?

AllianceBernstein National Municipal Income Fund updates its portfolio monthly.