AllianceBernstein National Municipal Income Fund, Inc. reports developments as a registered closed-end municipal income fund managed by AllianceBernstein L.P. The fund seeks high current income exempt from regular federal income tax by investing primarily in municipal securities that pay federally tax-exempt interest.
Recurring news for AFB centers on quarterly fund earnings, net investment income, realized and unrealized gains or losses, total net assets, net asset value per share and common shares outstanding. Company updates also cover fund leverage and capital-structure actions, including the completed redemption of 2018 Variable Rate MuniFund Term Preferred Shares and the use of tender option bond trusts as substitute leverage.
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%.
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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