AllianceBernstein National Municipal Income Fund, Inc. RELEASES MONTHLY PORTFOLIO UPDATE

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AllianceBernstein National Municipal Income Fund (NYSE: AFB) released its monthly portfolio update as of July 31, 2026. The Fund reported total net assets of $339.07 million, a common stock net asset value of $11.80 and 189 holdings.

The portfolio is primarily invested in long-dated municipal bonds, with 64.16% maturing in 20–30 years and an average maturity of 14.04 years. Effective duration is 12.36 years, and the average coupon is 5.90%. Total fund leverage stands at 41.15%, mainly via 23.40% tender option bonds and 17.66% VRDP shares.

Top sector exposures include Airport revenue (14.72%) and Health Care – Not-for-Profit (10.30%). Largest state allocations are Texas (12.57%) and California (12.04%). Investment-grade bonds dominate, with AA (39.31%) and A (18.07%) ratings. AMT exposure is 21.99%.

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NEW YORK, Aug. 24, 2026 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. [NYSE: AFB] (the "Fund") today released its monthly portfolio update as of July 31, 2026.

AllianceBernstein National Municipal Income Fund, Inc.
Top 10 Fixed-Income Holdings		Portfolio %
1) San Francisco Intl Airport Series 2026-2 5.50%, 05/01/55		3.71 %
2) Melissa Independent School District Series 2024-2 4.25%, 02/01/53		2.11 %
3) Commonwealth of Massachusetts Series 2025-2 5.00%, 01/01/54		2.00 %
4) New York Transportation Development Corp. Series 2024 Zero Coupon, 12/31/54		1.96 %
5) Oklahoma Turnpike Authority Series 2023 4.50%, 01/01/53		1.93 %
6) Dallas Independent School District Series 2024-2 4.00%, 02/15/54		1.87 %
7) State of Hawaii Airports System Revenue Series 2025-2 5.50%, 07/01/54		1.85 %
8) Worthington City School District Series 2025-2 5.50%, 12/01/54		1.85 %
9) Metropolitan Washington Airports Authority Aviation Revenue Series 2025-2 5.50%, 10/01/55		1.85 %
10) City of Atlanta GA Department of Aviation Series 2025-2 5.50%, 07/01/55		1.84 %
Sector/Industry Breakdown		Portfolio %
Revenue
Airport		14.72 %
Health Care - Not-for-Profit		10.30 %
Toll Roads/Transit		5.87 %
Industrial Development - Airline		5.19 %
Revenue - Miscellaneous		4.63 %
Prepay Energy		4.36 %
Primary/Secondary Ed. - Public		4.25 %
Higher Education - Private		3.15 %
Student Housing		2.39 %
Port		2.18 %
Industrial Development - Industry		2.00 %
Senior Living		1.86 %
Higher Education - Public		1.78 %
Water & Sewer		1.50 %
Electric Utility		0.57 %
Tobacco Securitization		0.30 %
Primary/Secondary Ed. - Private		0.17 %
SUBTOTAL		65.22 %
Tax Supported
Local G.O.		9.79 %
State G.O.		6.76 %
Special Tax		3.44 %
Local Lease		1.58 %
Assessment District		0.54 %
State Lease		0.28 %
SUBTOTAL		22.39 %
Guaranteed		9.89 %
Asset-Backed
Housing - Multi-Family		1.80 %
SUBTOTAL		1.80 %
Commercial Mortgage-Backed Securities
Non-Agency Fixed Rate CMBS		0.51 %
SUBTOTAL		0.51 %
Cash & Cash Equivalents
Funds and Investment Trusts		0.17 %
SUBTOTAL		0.17 %
Prerefunded/ETM		0.02 %
Total		100.00 %
State Breakdown		Portfolio %
Texas		12.57 %
California		12.04 %
Florida		8.45 %
New York		8.30 %
Illinois		7.49 %
Massachusetts		6.22 %
Wisconsin		5.80 %
Ohio		4.19 %
Georgia		3.68 %
Hawaii		3.67 %
New Hampshire		3.43 %
District of Columbia		2.57 %
Pennsylvania		2.49 %
Oklahoma		2.32 %
Arizona		1.96 %
Colorado		1.96 %
Louisiana		1.39 %
Minnesota		1.30 %
Michigan		1.26 %
Alabama		0.98 %
Nebraska		0.91 %
Connecticut		0.90 %
Utah		0.76 %
Virginia		0.76 %
South Carolina		0.69 %
Washington		0.68 %
Maryland		0.54 %
Tennessee		0.52 %
Indiana		0.51 %
New Jersey		0.36 %
Arkansas		0.35 %
North Dakota		0.35 %
Oregon		0.24 %
South Dakota		0.13 %
North Carolina		0.05 %
Other		0.18 %
Total Investments		100.00 %
Credit Quality Breakdown		Portfolio %
AAA		10.45 %
AA		39.31 %
A		18.07 %
BBB		16.72 %
BB		7.94 %
B		0.53 %
Not Rated		6.79 %
Pre-refunded Bonds		0.02 %
Short Term Investments		0.17 %
Total		100.00 %
Bonds by Maturity		Portfolio %
Less than 1 Year		0.32 %
1 to 5 Years		0.13 %
5 to 10 Years		2.57 %
10 to 20 Years		14.32 %
20 to 30 Years		64.16 %
More than 30 Years		18.50 %
Other		0.00 %
Total Net Assets		100.00 %
Portfolio Statistics:
AMT Percent:		21.99 %
Average Coupon:		5.90 %
Percentage of Leverage:
Bank Borrowing:		0.00 %
Investment Operations:		0.09 %
Auction Preferred Shares (APS):		0.00 %
Tender Option Bonds:		23.40 %
VMTP Shares:		0.00 %
VRDP Shares:		17.66 %
Total Fund Leverage:		41.15%*
Average Maturity:		14.04 Years
Effective Duration:		12.36 Years
Total Net Assets:		$339.07 Million**
Common Stock Net Asset Value:		$11.80
Total Number of Holdings:		189
Portfolio Turnover:		56.00 %
* The total percentage of leverage constitutes 23.40% through the use of tender option bonds, 17.66%
in issued and outstanding VRDPs and 0.09% in investment operations, which may include the use of
certain portfolio management techniques such as credit default swaps, dollar rolls, negative cash,
reverse repurchase agreements and when-issued securities.
** The Fund also had outstanding $100,000,000 of VRDPs at liquidation value, which is not included
in Total Net Assets because it is treated as a liability for financial reporting purposes.
The foregoing portfolio characteristics are as of the date indicated and can be expected to change. The
Fund is a closed-end U.S.-registered management investment company advised by AllianceBernstein L. P.

 

View original content:https://www.prnewswire.com/news-releases/alliancebernstein-national-municipal-income-fund-inc-releases-monthly-portfolio-update-302858563.html

SOURCE AllianceBernstein National Municipal Income Fund, Inc.

FAQ

What are the key portfolio statistics for AllianceBernstein National Municipal Income Fund (NYSE: AFB) as of July 31, 2026?

As of July 31, 2026, AFB reported total net assets of $339.07 million and a net asset value of $11.80 per common share, according to the Fund. The portfolio held 189 positions, with an average coupon of 5.90% and portfolio turnover of 56.00%.

How leveraged is AllianceBernstein National Municipal Income Fund (AFB) in the July 31, 2026 update?

According to the Fund, total leverage is 41.15% of net assets as of July 31, 2026. This includes 23.40% from tender option bonds, 17.66% from VRDP shares, and 0.09% from investment operations, which may involve techniques like reverse repos and dollar rolls.

What is the credit quality breakdown of AllianceBernstein National Municipal Income Fund (AFB) as of July 31, 2026?

AFB’s portfolio is concentrated in investment-grade bonds, with AA at 39.31%, A at 18.07%, and BBB at 16.72%, according to the Fund. Lower-rated holdings include BB at 7.94%, B at 0.53%, and Not Rated at 6.79%, plus small pre-refunded and short-term allocations.

What are the main sector allocations in AllianceBernstein National Municipal Income Fund (AFB) as of July 31, 2026?

According to the Fund, the largest sectors are Airport revenue at 14.72% and Health Care – Not-for-Profit at 10.30%. Other notable exposures include Toll Roads/Transit (5.87%), Industrial Development – Airline (5.19%), and various tax-supported and guaranteed municipal sectors forming the remainder.

Which states represent the largest geographic exposures in AllianceBernstein National Municipal Income Fund (AFB) as of July 31, 2026?

The Fund’s biggest state allocations are Texas at 12.57% and California at 12.04%, according to the Fund. Other significant exposures include Florida (8.45%), New York (8.30%), and Illinois (7.49%), with smaller positions spread across numerous additional U.S. states and jurisdictions.

What is the interest rate risk profile of AllianceBernstein National Municipal Income Fund (AFB) in the July 31, 2026 update?

AFB shows a long interest rate profile, with an average maturity of 14.04 years and effective duration of 12.36 years, according to the Fund. Most bonds, 64.16%, mature in 20–30 years, and 18.50% mature beyond 30 years, indicating significant long-term exposure.