Welcome to our dedicated page for Alliance National Municipal Income Fund news (Ticker: AFB), a resource for investors and traders seeking the latest updates and insights on Alliance National Municipal Income Fund stock.
AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB) is a closed-end management investment company managed by AllianceBernstein L.P., a leading global investment-management and research firm. The Fund aims to provide high current income exempt from regular federal income tax by investing primarily in municipal securities. These securities pay interest that is exempt from federal income tax, making them an attractive option for income-seeking investors.
With a comprehensive portfolio, AFB leverages AllianceBernstein's extensive expertise and innovative strategies to shape investment solutions tailored to meet the evolving needs of their clients. The Fund's strategy focuses on maintaining a diversified portfolio, actively managed to navigate market conditions and maximize potential returns.
As of January 31, 2024, the total net assets of the Fund stood at $364,468,619, an increase from $311,650,529 on October 31, 2023. The net asset value per share of common stock was $12.68 based on 28,744,936 shares of common stock outstanding. The Fund reported a total net investment income of $2,897,982 or $0.10 per share of common stock for the same period. Additionally, the total net realized and unrealized gain was $52,736,537 or $1.83 per share of common stock.
Recent financial updates highlight the Fund's ongoing efforts to optimize its leverage structure. In June 2024, AFB completed the issuance of $100 million in Variable Rate Demand Preferred Shares (VRDPS). This move allowed the Fund to successfully redeem its 2019 Variable Rate MuniFund Term Preferred Shares (2019 VMTPS), thereby replacing a substantial portion of leverage with the new preferred shares, which are expected to offer more favorable terms.
The strategic financial maneuvers underscore AFB's commitment to enhancing value for its shareholders while maintaining a robust investment portfolio. The Fund's proactive management and strategic adjustments reflect its resilience and adaptability in the dynamic financial landscape.
For more detailed information about the Fund's performance and latest updates, visit the official announcement.
AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB) has released its monthly portfolio update as of June 30, 2024. The fund's top holdings include municipal bonds from various school districts and cities, with Lamar Consolidated Independent School District bonds leading at 2.73%. The portfolio is diversified across sectors, with Health Care - Not-for-Profit being the largest at 12.72%. Texas represents the highest state allocation at 18.33%. The fund's credit quality is predominantly in the AA to A range, with 56.92% of the portfolio in these categories. The majority of bonds (57.95%) have maturities between 20 to 30 years. The fund employs 39.54% leverage through various instruments. With total net assets of $359.51 Million, the fund has 160 holdings and a portfolio turnover of 55.00%.
The AllianceBernstein Closed-End Funds have announced their distribution rates for July 2024. Specifically, the AllianceBernstein Global High Income Fund (NYSE: AWF) will distribute $0.0655 per share of investment income, while the AllianceBernstein National Municipal Income Fund (NYSE: AFB) is set to distribute $0.03266 per share of investment income. Both funds have an ex-date and record date of July 11, 2024, with the payment date scheduled for July 26, 2024.
AllianceBernstein L.P. manages these funds. For more details, visit the original press release at the provided link.
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%.
On June 28, 2024, AllianceBernstein National Municipal Income Fund (NYSE: AFB) reported its Q2 earnings for the period ending April 30, 2024. The total net assets decreased to $350.6 million from $364.5 million on January 31, 2024, and $356.5 million on April 30, 2023.
The NAV per share declined to $12.20 from $12.68 on January 31, 2024, and $12.40 on April 30, 2023. The fund posted a total net investment income of $2.8 million, translating to $0.10 per share, for the quarter.
However, the total net realized and unrealized loss stood at $13.9 million, or $0.48 per share, versus a gain of $52.7 million in the previous quarter and a loss of $6.6 million in Q2 of the previous year. The fund's shares outstanding remained unchanged at 28,744,936.
AllianceBernstein National Municipal Income Fund (NYSE: AFB) announced the successful pricing and placement of $100 million in Variable Rate Demand Preferred Shares (2024 VRDPS), exempt from registration under the Securities Act of 1933. The proceeds, combined with funds from tender option bond trusts, were used to redeem all outstanding 2019 Variable Rate MuniFund Term Preferred Shares (2019 VMTPS) at $25,000 per share, plus accumulated but unpaid dividends. The total payout for the redemption was $143.85 million. This move replaces a significant portion of the leverage previously held through the 2019 VMTPS with the new 2024 VRDPS.
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%.
AllianceBernstein Closed-End Funds announced distribution rates for two of its funds, effective May 24, 2024. The AllianceBernstein Global High Income Fund (NYSE: AWF) declared a distribution of $0.0655 per share, while the AllianceBernstein National Municipal Income Fund (NYSE: AFB) declared a distribution of $0.03266 per share. Both distributions have an ex-date and record date of June 6, 2024, with payment scheduled for June 21, 2024.
On May 13, 2024, AllianceBernstein National Municipal Income Fund (NYSE: AFB) announced a plan to redeem its 2019 Variable Rate MuniFund Term Preferred Shares (2019 VMTPS) and issue new Variable Rate Demand Preferred Shares (2024 VRDPS). The private offering aims to raise up to $100 million, targeted at qualified institutional buyers. The proceeds will be used along with funds from tender option bond trusts to cover the redemption of the 2019 VMTPS at $25,000 per share plus unpaid dividends, totaling $143.85 million. The redemption and issuance are conditional on successful placement and intended to occur around June 6, 2024. The initiative aims to replace existing leverage and is considered by the Fund's management to be in the best interest of shareholders.
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