AllianceBernstein Releases December 2025 Portfolio Update
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 26 2026
0mins
Should l Buy AFB?
Source: PRnewswire
- Portfolio Overview: As of December 31, 2025, AllianceBernstein's National Municipal Income Fund reported total net assets of $347.22 million across 176 holdings, indicating a diversified investment strategy.
- Top Fixed-Income Holdings: The top holding, Melissa Independent School District Series 2024-2, constitutes 3.16% of the portfolio, highlighting the stability and attractiveness of educational debt in Texas.
- Sector Distribution: The healthcare not-for-profit sector accounts for 12.77% of the portfolio, while the airport sector represents 10.26%, reflecting a focus on infrastructure and public services that may yield stable income streams.
- Credit Quality Analysis: The portfolio features a high credit quality with AAA and AA rated bonds making up 50.49%, which helps mitigate investment risks and bolster investor confidence.
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Analyst Views on AFB
Wall Street analysts forecast AFB stock price to rise
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Current: 11.210
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About AFB
AllianceBernstein National Municipal Income Fund, Inc. (the Fund) is a diversified, closed-end management investment company. The Fund's investment objective is to provide high current income exempt from regular federal income tax. The Fund is focused on investing approximately 80%, and normally substantially all, of its net assets in municipal securities paying interest that is exempt from regular federal income tax. The Fund also normally invest at least 75% of its assets in investment-grade municipal securities or unrated municipal securities. The Fund may invest up to 25% of its net assets in municipal bonds rated below investment-grade and unrated municipal bonds. The Fund also invests in securities of other open- or closed-end investment companies that invest primarily in municipal bonds of the types in which the Fund invests directly. The Fund's investment adviser is AllianceBernstein L.P.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
AllianceBernstein Releases March 2026 Portfolio Update
- Portfolio Overview: As of March 31, 2026, the AllianceBernstein National Municipal Income Fund reported total net assets of $338.21 million with 181 holdings, indicating a broad exposure in the municipal bond market.
- Top Fixed-Income Holdings: The top ten fixed-income holdings include the San Francisco International Airport Series 2026-2 at 3.68%, reflecting the fund's focus on infrastructure projects, which are expected to provide stable income for investors.
- Sector Distribution: The portfolio allocates 13.48% to the airport sector and 10.98% to not-for-profit healthcare, demonstrating the fund's strategy of diversification aimed at reducing risk while enhancing return potential.
- Credit Quality Analysis: The portfolio's AAA and AA rated bonds comprise 50.71%, showcasing the fund's cautious approach to risk management, aimed at safeguarding investors' capital.
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AllianceBernstein Declares Distribution Plans for Closed-End Funds
- Distribution Announcement: AllianceBernstein Closed-End Funds declared distributions to be paid on May 15, 2026, with amounts of $0.0655 and $0.05018 per share, reflecting the company's ongoing profitability and commitment to shareholder returns.
- Fund Names and Distributions: The Global High Income Fund (AWF) and National Municipal Income Fund (AFB) will distribute dividends following the ex-dividend date of May 7, 2026, ensuring timely returns for investors.
- Management Company Background: Managed by AllianceBernstein L.P., these funds highlight the firm's expertise and stability in asset management, enhancing investor confidence in their distribution policies.
- Investor Impact: This distribution plan not only provides a steady cash flow for investors but may also attract more attention to these funds, potentially improving their market performance and liquidity.
See More
Equitable Holdings and Corebridge Enter Merger Agreement
- Merger Agreement Reached: On March 26, 2026, Equitable Holdings and Corebridge Financial announced a merger agreement expected to close by the end of 2026, contingent upon regulatory approvals and shareholder votes, indicating a strategic move towards market consolidation.
- Investment Advisory Agreement Changes: Under the Investment Company Act of 1940, the merger will automatically terminate the investment advisory agreements between each Fund and its Adviser, necessitating a review and approval of new advisory agreements to ensure continuity in management post-merger.
- Board Review of New Agreements: Prior to the transaction's closing, each Fund's Board will consider a new investment advisory agreement with the Adviser, which, if approved, will be presented to shareholders for a vote, ensuring a smooth transition in management structure post-merger.
- Market Impact Analysis: This merger is likely to affect multiple funds managed by AllianceBernstein, potentially enhancing their competitive position in the market while creating long-term value for shareholders, reflecting an acceleration of consolidation trends within the industry.
See More
Equitable Holdings and Corebridge Enter Merger Agreement
- Merger Agreement Reached: On March 26, 2026, Equitable Holdings and Corebridge Financial announced a merger agreement expected to close by the end of 2026, which will reshape their market positions in investment management.
- Regulatory Approval Requirements: The transaction requires approval from regulatory bodies and shareholders of both EQH and Corebridge, highlighting the compliance complexities and the importance of shareholder interests in the merger process.
- Investment Advisory Agreement Changes: Under the Investment Company Act of 1940, the merger will automatically terminate existing investment advisory agreements, necessitating a review of new agreements prior to closing to ensure continuity in investment management.
- Board Review Process: Before the transaction closes, the Boards of each Fund will consider new investment advisory agreements, which, if approved, will take effect upon closing, ensuring a smooth transition in management structure post-merger.
See More
Announcement of Planned Merger Between Equitable and Corebridge by AllianceBernstein National Municipal Income Fund, Inc. and AllianceBernstein Global High Income Fund, Inc.
Announcement of Merger: Alliance Bernstein National Municipal Income Fund, Inc. and Alliance Bernstein Global High Income Fund, Inc. have announced a planned merger.
Merger Details: The merger will involve the combination of the two funds, Equityable and Corebridge, although specific details about the merger process have not been disclosed.
See More
AllianceBernstein National Municipal Income Reports Q1 Financials
- Investment Income Overview: AllianceBernstein National Municipal Income reported a total net investment income of $4.77 million for Q1 2026, translating to $0.17 per share of common stock, indicating a stable income source.
- Loss Situation: During the same period, the total net realized and unrealized loss amounted to $3.70 million, resulting in a loss of $0.13 per share of common stock, reflecting the impact of market volatility on fund performance.
- Net Asset Value Changes: As of January 31, 2026, the total net assets of the fund were $347.52 million, down from $350.81 million on October 31, 2025, highlighting challenges in asset management.
- Per Share Net Asset Value: On January 31, 2026, the net asset value per share of common stock was $12.09, based on 28.74 million shares outstanding, indicating stability in the fund's market value.
See More
AllianceBernstein Releases March 2026 Portfolio Update
- Portfolio Overview: As of March 31, 2026, the AllianceBernstein National Municipal Income Fund reported total net assets of $338.21 million with 181 holdings, indicating a broad exposure in the municipal bond market.
- Top Fixed-Income Holdings: The top ten fixed-income holdings include the San Francisco International Airport Series 2026-2 at 3.68%, reflecting the fund's focus on infrastructure projects, which are expected to provide stable income for investors.
- Sector Distribution: The portfolio allocates 13.48% to the airport sector and 10.98% to not-for-profit healthcare, demonstrating the fund's strategy of diversification aimed at reducing risk while enhancing return potential.
- Credit Quality Analysis: The portfolio's AAA and AA rated bonds comprise 50.71%, showcasing the fund's cautious approach to risk management, aimed at safeguarding investors' capital.
See More
AllianceBernstein Declares Distribution Plans for Closed-End Funds
- Distribution Announcement: AllianceBernstein Closed-End Funds declared distributions to be paid on May 15, 2026, with amounts of $0.0655 and $0.05018 per share, reflecting the company's ongoing profitability and commitment to shareholder returns.
- Fund Names and Distributions: The Global High Income Fund (AWF) and National Municipal Income Fund (AFB) will distribute dividends following the ex-dividend date of May 7, 2026, ensuring timely returns for investors.
- Management Company Background: Managed by AllianceBernstein L.P., these funds highlight the firm's expertise and stability in asset management, enhancing investor confidence in their distribution policies.
- Investor Impact: This distribution plan not only provides a steady cash flow for investors but may also attract more attention to these funds, potentially improving their market performance and liquidity.
See More
Equitable Holdings and Corebridge Enter Merger Agreement
- Merger Agreement Reached: On March 26, 2026, Equitable Holdings and Corebridge Financial announced a merger agreement expected to close by the end of 2026, contingent upon regulatory approvals and shareholder votes, indicating a strategic move towards market consolidation.
- Investment Advisory Agreement Changes: Under the Investment Company Act of 1940, the merger will automatically terminate the investment advisory agreements between each Fund and its Adviser, necessitating a review and approval of new advisory agreements to ensure continuity in management post-merger.
- Board Review of New Agreements: Prior to the transaction's closing, each Fund's Board will consider a new investment advisory agreement with the Adviser, which, if approved, will be presented to shareholders for a vote, ensuring a smooth transition in management structure post-merger.
- Market Impact Analysis: This merger is likely to affect multiple funds managed by AllianceBernstein, potentially enhancing their competitive position in the market while creating long-term value for shareholders, reflecting an acceleration of consolidation trends within the industry.
See More
Equitable Holdings and Corebridge Enter Merger Agreement
- Merger Agreement Reached: On March 26, 2026, Equitable Holdings and Corebridge Financial announced a merger agreement expected to close by the end of 2026, which will reshape their market positions in investment management.
- Regulatory Approval Requirements: The transaction requires approval from regulatory bodies and shareholders of both EQH and Corebridge, highlighting the compliance complexities and the importance of shareholder interests in the merger process.
- Investment Advisory Agreement Changes: Under the Investment Company Act of 1940, the merger will automatically terminate existing investment advisory agreements, necessitating a review of new agreements prior to closing to ensure continuity in investment management.
- Board Review Process: Before the transaction closes, the Boards of each Fund will consider new investment advisory agreements, which, if approved, will take effect upon closing, ensuring a smooth transition in management structure post-merger.
See More
Announcement of Planned Merger Between Equitable and Corebridge by AllianceBernstein National Municipal Income Fund, Inc. and AllianceBernstein Global High Income Fund, Inc.
Announcement of Merger: Alliance Bernstein National Municipal Income Fund, Inc. and Alliance Bernstein Global High Income Fund, Inc. have announced a planned merger.
Merger Details: The merger will involve the combination of the two funds, Equityable and Corebridge, although specific details about the merger process have not been disclosed.
See More
AllianceBernstein National Municipal Income Reports Q1 Financials
- Investment Income Overview: AllianceBernstein National Municipal Income reported a total net investment income of $4.77 million for Q1 2026, translating to $0.17 per share of common stock, indicating a stable income source.
- Loss Situation: During the same period, the total net realized and unrealized loss amounted to $3.70 million, resulting in a loss of $0.13 per share of common stock, reflecting the impact of market volatility on fund performance.
- Net Asset Value Changes: As of January 31, 2026, the total net assets of the fund were $347.52 million, down from $350.81 million on October 31, 2025, highlighting challenges in asset management.
- Per Share Net Asset Value: On January 31, 2026, the net asset value per share of common stock was $12.09, based on 28.74 million shares outstanding, indicating stability in the fund's market value.
See More
