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

Rhea-AI Summary

AllianceBernstein National Municipal Income Fund (NYSE: AFB) released its monthly portfolio update as of September 30, 2025. The Fund reports Total Net Assets of $344.45 million and a Common Stock NAV of $11.98.

Key portfolio metrics: Total fund leverage 39.51%, Effective duration 12.82 years, Average maturity 14.31 years, and AMT percent 20.83%. Credit quality is concentrated in AAA/AA (50.6%) and long-dated bonds (60.94% in 20–30 year maturities).

Positive

• Total net assets of $344.45 million
• High quality bias: AAA + AA = 50.60% of portfolio
• Diversified sector mix with 63.81% revenue-backed holdings

Negative

• High total fund leverage at 39.51%
• Long interest-rate exposure: Effective duration 12.82 years
• Maturity concentration: 60.94% in 20–30 year bonds

NEW YORK, Oct. 27, 2025 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. [NYSE: AFB] (the "Fund") today released its monthly portfolio update as of September 30, 2025.

AllianceBernstein National Municipal Income Fund, Inc.
Top 10 Fixed-Income Holdings		Portfolio %
1) Melissa Independent School District Series 2024-2 4.25%, 02/01/53		2.12 %
2) Commonwealth of Massachusetts Series 2024-A 5.00%, 01/01/54		2.01 %
3) Oklahoma Turnpike Authority Series 2023 4.50%, 01/01/53		1.96 %
4) Dallas Independent School District Series 2024-2 4.00%, 02/15/54		1.91 %
5) New York Transportation Development Corp. Series 2024 Zero Coupon, 12/31/54		1.88 %
6) Metropolitan Washington Airports Authority Aviation Revenue Series 2025-2 5.50%, 10/01/55		1.86 %
7) State of Hawaii Airports System Revenue Series 2025-A 5.50%, 07/01/54		1.86 %
8) Worthington City School District Series 2023 5.50%, 12/01/54		1.86 %
9) City of Atlanta GA Department of Aviation Series 2025-B 5.50%, 07/01/55		1.85 %
10) County of Miami-Dade FL Aviation Revenue Series 2025-A 5.50%, 10/01/55		1.85 %
Sector/Industry Breakdown		Portfolio %
Revenue
Health Care - Not-for-Profit		13.55 %
Airport		10.30 %
Revenue - Miscellaneous		8.66 %
Toll Roads/Transit		5.49 %
Prepay Energy		4.68 %
Industrial Development - Airline		4.08 %
Higher Education - Private		3.47 %
Primary/Secondary Ed. - Public		3.21 %
Port		2.61 %
Industrial Development - Industry		2.18 %
Higher Education - Public		1.78 %
Senior Living		1.30 %
Electric Utility		1.23 %
Water & Sewer		0.80 %
Tobacco Securitization		0.29 %
Primary/Secondary Ed. - Private		0.18 %
SUBTOTAL		63.81 %
Tax Supported
Local G.O.		10.98 %
State G.O.		6.41 %
Special Tax		3.51 %
Local Lease		1.48 %
Assessment District		0.18 %
SUBTOTAL		22.56 %
Guaranteed		11.77 %
Asset-Backed
Housing - Multi-Family		1.48 %
SUBTOTAL		1.48 %
Commercial Mortgage-Backed Securities
Non-Agency Fixed Rate CMBS		0.36 %
SUBTOTAL		0.36 %
Prerefunded/ETM		0.02 %
Total		100.00 %
State Breakdown		Portfolio %
Texas		14.43 %
California		9.11 %
Florida		8.51 %
Illinois		7.60 %
Wisconsin		7.20 %
New York		6.50 %
Massachusetts		5.85 %
Georgia		4.34 %
Ohio		4.18 %
Pennsylvania		3.06 %
South Carolina		2.95 %
New Hampshire		2.73 %
District of Columbia		2.60 %
Oklahoma		2.35 %
Arizona		2.04 %
Louisiana		1.96 %
Michigan		1.94 %
Hawaii		1.86 %
Colorado		1.72 %
Minnesota		1.31 %
Alabama		0.97 %
Nebraska		0.94 %
Indiana		0.85 %
North Carolina		0.76 %
Washington		0.69 %
Virginia		0.59 %
Tennessee		0.50 %
Alaska		0.48 %
Maryland		0.37 %
New Jersey		0.36 %
Arkansas		0.35 %
North Dakota		0.35 %
Oregon		0.23 %
Connecticut		0.19 %
South Dakota		0.13 %
Total Investments		100.00 %
Credit Quality Breakdown		Portfolio %
AAA		12.33 %
AA		38.27 %
A		21.75 %
BBB		16.17 %
BB		7.20 %
B		0.53 %
Not Rated		3.73 %
Pre-refunded Bonds		0.02 %
Total		100.00 %
Bonds by Maturity		Portfolio %
Less than 1 Year		0.19 %
1 to 5 Years		0.18 %
5 to 10 Years		2.42 %
10 to 20 Years		12.15 %
20 to 30 Years		60.94 %
More than 30 Years		24.12 %
Other		0.00 %
Total Net Assets		100.00 %
Portfolio Statistics:
AMT Percent:		20.83 %
Average Coupon:		4.63 %
Percentage of Leverage:
Bank Borrowing:		0.00 %
Investment Operations:		0.17 %
Auction Preferred Shares (APS):		0.00 %
Tender Option Bonds:		7.45 %
VMTP Shares:		14.95 %
VRDP Shares:		16.94 %
Total Fund Leverage:		39.51%*
Average Maturity:		14.31 Years
Effective Duration:		12.82 Years
Total Net Assets:		$344.45 Million**
Common Stock Net Asset Value:		$11.98
Total Number of Holdings:		169
Portfolio Turnover:		32.00 %
* The total percentage of leverage constitutes 7.45% through the use of tender option bonds, 14.95%
in issued and outstanding VMTPs, 16.94% in issued and outstanding VRDPs and 0.17% 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 $88,275,000 of VMTPs at liquidation value, which is not included
in Total Net Assets because it is treated as a liability for financial reporting purposes.
** 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.

 

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SOURCE AllianceBernstein National Municipal Income Fund, Inc.

FAQ

What are AFB's total net assets and NAV as of September 30, 2025?

AFB reports Total Net Assets $344.45 million and Common Stock NAV $11.98 as of 9/30/2025.

How much leverage does AllianceBernstein National Municipal Income Fund (AFB) use?

The Fund reports Total fund leverage 39.51%, including tender option bonds, VMTPs and VRDPs.

What is AFB's interest-rate sensitivity and average maturity?

AFB lists an Effective Duration of 12.82 years and Average Maturity of 14.31 years.

How concentrated is AFB in long‑dated municipal bonds?

AFB has 60.94% of holdings maturing in the 20–30 year bucket and 24.12% >30 years.

What portion of AFB's portfolio is subject to AMT?

The portfolio reports AMT Percent 20.83% as of 9/30/2025.

What is AFB's credit quality profile by rating?

Credit quality is AAA 12.33%, AA 38.27%, A 21.75%, BBB 16.17% and lower-rated/NR remainder.