#United States #New York #AllianceBernstein #Portfolio Update #Municipal Income Fund

Overview

In a recent announcement, AllianceBernstein National Municipal Income Fund, Inc. (ticker: AFB) revealed its portfolio update as of October 31, 2024. Investors looking for a comprehensive look at the fund's performance need to consider the key metrics and holdings shared in this monthly review. This update is particularly essential for stakeholders who are monitoring the fund's investment strategies and sector allocations in the ever-changing market.

Top Fixed-Income Investments

The update highlighted the top ten fixed-income holdings that constitute a significant portion of the fund's portfolio. These positions are vital indicators of the fund’s strategic focus as it navigates the municipal bond landscape. Here are the leading holdings:

1. Lamar Consolidated Independent School District Series 2024-2: A 5.00% bond maturing on 02/15/53, making up 2.67% of the portfolio.
2. City of New Orleans LA Series 2021-A: Another 5.00% bond, this one maturing on 12/01/46 at 2.64% of the portfolio.
3. Prosper Independent School District Series 2024: This 4.00% bond matures on 02/15/54, constituting 2.42% of the fund.
4. Greenwood Independent School District Series 2024: A similar 4.00% issue with a maturity date of 02/15/54, contributing 2.27%.
5. Melissa Independent School District Series 2024-2: This bond at 4.25% matures on 02/01/53, representing 2.13% of the portfolio.
6. Dallas Independent School District Series 2024-2: Comes with a 4.00% yield and matures on 02/15/54 at 1.95%.
7. City of New York NY Series 2023: This bond has a slightly higher yield of 4.125%, maturing on 08/01/53, making 1.84% of the portfolio.
8. New York Transportation Development Corp. Series 2024: A lower yield at 1.00%, but with a longer maturity on 12/31/54, constituting 1.83%.
9. Public Authority for Colorado Energy Series 2008: Offering a substantial 6.50% yield, this bond matures on 11/15/38, making up 1.81% of the holdings.
10. Denton Independent School District Series 2024-2: With a yield of 5.00% and a maturity date of 08/15/48, this bond contributes 1.80%.

These holdings reflect a strategic investment in education and infrastructure, typically viewed as stable sectors.

Sector and Industry Analysis

The portfolio's sector breakdown offers further insights into where the fund is directing its investments:

• - Health Care (Not-for-Profit): 10.67%
• - Revenue - Miscellaneous: 7.62%
• - Prepay Energy: 7.18%
• - Airport Developments: 6.18%
• - Toll Roads/Transit: 3.24%

Such a diverse approach is designed to mitigate risks while taking advantage of various revenue-generating sectors. Notably, the fund shows a strong focus on essential services such as healthcare and transportation, underscoring its commitment to investing in the public good.

Geographic Distribution

Geographically, the fund allocates effectively across several states, with Texas holding the largest percentage at 19.18% followed by:

• - Illinois: 8.73%
• - New York: 7.71%
• - Florida: 7.29%
• - California: 5.47%

This geographic diversification is important in managing risk as economic conditions and local regulations fluctuate across states.

Credit Quality Assessment

Credit quality metrics reveal that a great majority of the fund's investments are in high-grade bonds:

• - AAA: 18.58%
• - AA: 29.86%
• - A: 25.06%
• - BBB: 16.90%

This high-quality focus aligns with the objective of providing stable income while preserving capital, beneficial to a risk-averse investor base.

Conclusion

The monthly update from AllianceBernstein National Municipal Income Fund, Inc. provides vital data that reflects its current operational strategy and market position. By maintaining a diverse portfolio across various sectors, states, and credit qualities, the fund aims to secure an optimal risk-return profile for its investors, enhancing the potential for stable income in a dynamic economic environment. Investors and stakeholders should regularly review these updates to stay informed about their investments' performance and strategic direction.