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

Rhea-AI Summary

AllianceBernstein National Municipal Income Fund (NYSE: AFB) has released its monthly portfolio update as of July 31, 2025, revealing a diverse municipal bond portfolio with $322.75 million in total net assets. The fund maintains significant leverage at 48.58% of gross assets and holds 173 positions.

The portfolio shows strong geographic diversification across 37 states, with Texas (17.67%), Florida (9.34%), and California (8.09%) representing the largest state allocations. Credit quality is concentrated in investment grade bonds, with 70% rated A or higher. The fund's portfolio is heavily weighted toward longer-duration securities, with 80.72% of holdings having maturities exceeding 20 years.

Positive

• None.

Negative

• High leverage at 48.58% increases risk and potential volatility
• Heavy concentration in long-duration bonds (80.72% > 20 years) creates interest rate risk
• Relatively high portfolio turnover at 32%
• Limited short-term liquidity with only 1.41% in sub-1-year maturities

NEW YORK, Aug. 25, 2025 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. [NYSE: AFB] (the "Fund") today released its monthly portfolio update as of July 31, 2025.

AllianceBernstein National Municipal Income Fund, Inc.
Top 10 Fixed-Income Holdings		Portfolio %
1) Greenwood Independent School District Series 2024 5.00%, 02/15/49		3.67 %
2) Melissa Independent School District Series 2024-2 4.25%, 02/01/53		2.01 %
3) Commonwealth of Massachusetts Series 2024-A 5.00%, 01/01/54		2.00 %
4) Worthington City School District Series 2023 5.50%, 12/01/54		1.86 %
5) Metropolitan Washington Airports Authority Aviation Revenue Series 2025-2 5.50%, 10/01/55		1.85 %
6) State of Hawaii Airports System Revenue Series 2025-A 5.50%, 07/01/54		1.85 %
7) New York Transportation Development Corp. Series 2024 Zero Coupon, 12/31/54		1.84 %
8) Dallas Independent School District Series 2024-2 4.00%, 02/15/54		1.83 %
9) County of Miami-Dade FL Aviation Revenue Series 2025-A 5.50%, 10/01/55		1.82 %
10) Leander Independent School District Series 2025-A 5.00%, 08/15/55		1.81 %
Investment Type		Portfolio %
State Breakdown		Portfolio %
Texas		17.67 %
Florida		9.34 %
California		8.09 %
Illinois		7.57 %
Wisconsin		6.95 %
New York		6.35 %
Massachusetts		5.01 %
Ohio		4.13 %
Pennsylvania		3.57 %
South Carolina		2.86 %
District of Columbia		2.59 %
New Hampshire		2.53 %
Michigan		2.34 %
Colorado		2.08 %
Arizona		2.02 %
Louisiana		1.91 %
Hawaii		1.85 %
Minnesota		1.29 %
Georgia		1.20 %
Virginia		1.11 %
Alabama		1.00 %
Nebraska		0.95 %
Indiana		0.82 %
North Carolina		0.75 %
Alaska		0.64 %
Washington		0.51 %
Tennessee		0.50 %
Utah		0.44 %
Oklahoma		0.39 %
Maryland		0.37 %
Arkansas		0.36 %
New Jersey		0.36 %
North Dakota		0.35 %
Nevada		0.34 %
Oregon		0.22 %
Connecticut		0.19 %
South Dakota		0.13 %
Other		1.22 %
Total Investments		100.00 %
Net Currency Exposure Breakdown		Portfolio %
US Dollar		100.00 %
Total Net Assets		100.00 %
Credit Quality Breakdown		Portfolio %
AAA		15.44 %
AA		31.01 %
A		23.54 %
BBB		16.47 %
BB		7.19 %
B		0.53 %
Not Rated		4.58 %
Pre-refunded Bonds		0.02 %
Short Term Investments		1.22 %
Total		100.00 %
Bonds by Maturity		Portfolio %
Less than 1 Year		1.41 %
1 to 5 Years		0.18 %
5 to 10 Years		2.85 %
10 to 20 Years		14.84 %
20 to 30 Years		57.24 %
More than 30 Years		23.48 %
Other		0.00 %
Total Net Assets		100.00 %
Portfolio Statistics:
AMT Percent:		22.86 %
Average Coupon:		4.60 %
Percentage of Leverage(based on gross assets):
Bank Borrowing:		0.00 %
Investment Operations:		2.32 %
Auction Preferred Shares (APS):		0.00 %
Tender Option Bonds:		12.88 %
VMTP Shares:		15.65 %
VRDP Shares:		17.73 %
Total Fund Leverage:		48.58 %
Average Maturity:		17.96 Years
Effective Duration:		12.26 Years
Total Net Assets:		$322.75 Million
Net Asset Value:		$11.23
Total Number of Holdings:		173
Portfolio Turnover:		32.00 %

* Investment Operations 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 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 is the current Net Asset Value (NAV) of AllianceBernstein National Municipal Income Fund (AFB)?

As of July 31, 2025, AFB's Net Asset Value (NAV) is $11.23 per share, with total net assets of $322.75 million.

How diversified is AFB's municipal bond portfolio across states?

AFB's portfolio is diversified across 37 states, with the largest allocations in Texas (17.67%), Florida (9.34%), and California (8.09%).

What is the credit quality breakdown of AFB's portfolio?

The portfolio consists of 15.44% AAA, 31.01% AA, 23.54% A, 16.47% BBB, and smaller allocations to lower ratings, with 70% rated A or higher.

How much leverage does AFB currently use?

AFB employs total leverage of 48.58% of gross assets, primarily through VRDP Shares (17.73%), VMTP Shares (15.65%), and Tender Option Bonds (12.88%).

What is the maturity profile of AFB's bond holdings?

The fund's portfolio is primarily long-term oriented with 57.24% in 20-30 year bonds, 23.48% in 30+ year bonds, and only 1.41% in securities under 1 year.