- AllianceBernstein National Municipal Income Fund (AFB, Financial) announced a total net asset of $346.67 million as of March 31, 2025.
- The fund maintains a strong credit quality with 71.13% of holdings rated A or higher.
- Tender Option Bonds, VRDP Shares, and VMTP Shares contribute to the fund's 41.63% total leverage.
AllianceBernstein National Municipal Income Fund (AFB) has released its latest portfolio update as of March 31, 2025. The fund reports total net assets of $346.67 million, showcasing a diverse allocation primarily in municipal bonds. Significant state allocations include Texas (17.19%), Illinois (8.19%), and Florida (7.83%).
The portfolio boasts a robust credit quality, with 71.13% of its holdings rated A or higher, suggesting strong creditworthiness. In terms of sector concentration, notable investments include Health Care - Not-for-Profit (12.36%), Local General Obligation Bonds (12.19%), and Revenue - Miscellaneous (8.49%).
The fund's leverage strategy reflects a total leverage of 41.63%, which is composed of various financial instruments: VRDP Shares account for 17.78%, and VMTP Shares make up 15.69%, along with an additional 7.81% in Tender Option Bonds. The portfolio comprises 159 holdings with an average coupon of 4.48% and an effective duration of 10.01 years.
On the credit quality front, the portfolio is diversified as follows: AAA (17.63%), AA (26.10%), A (27.40%), and BBB (18.42%), with minimal exposure to lower-rated bonds. Approximately 61.36% of the bonds in the portfolio are set to mature in 20-30 years, aligning with the fund's long-term investment strategy.
