AllianceBernstein Fund Records $347M Net Assets, 42.65% Leverage and 5.97% Average Coupon
AFB•AllianceBernstein National Municipal Income Fund reports $347.05 million in net assets with a NAV of $12.07 and total leverage of 42.65%, including 24.84% tender option bonds and 17.42% VRDPs. The portfolio carries a 5.97% average coupon and 22.75% AMT exposure.
1. Portfolio Overview
As of June 22, total net assets stood at $347.05 million with common stock NAV of $12.07. Leverage totaled 42.65%, composed of 24.84% tender option bonds, 17.42% variable rate demand obligations and 0.39% investment operations.
2. Sector and Credit Quality Breakdown
The fund’s largest sector allocation is airports at 14.86%, followed by not-for-profit healthcare at 11.02% and miscellaneous revenue at 7.04%. Credit ratings are weighted toward investment grade with 39.86% AA, 18.41% A and 16.43% BBB exposures.
3. Maturity and Geographic Exposure
Long-term bonds comprise the bulk of maturities, with 63.93% in the 20-30 year bucket and 18.08% over 30 years. State allocations are led by Texas (12.60%), California (12.38%) and New York (8.30%).
4. Top 10 Fixed-Income Holdings
The largest holding is San Francisco Intl Airport Series 2026-2 at 3.69%, followed by Melissa Independent School District Series 2024-2 at 2.14% and Massachusetts Series 2025-2 at 1.99%. The top ten positions range from 1.84% to 3.69% each.
