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 January 31, 2026. The fund reports $347.52 million total net assets and a common stock NAV of $12.09. Portfolio leverage is 42.51%, effective duration 11.91 years, and average maturity 13.57 years.

Top sector weight is Airport 13.96%, tax-exempt AMT exposure is 22.49%, and credit quality shows AAA/AA at 50.36%. Total holdings: 175, turnover 56%.

Positive

• Total net assets of $347.52 million
• High investment-grade allocation: AAA/AA 50.36%
• Top sector concentration in airports: 13.96%
• NAV per common share of $12.09

Negative

• Total fund leverage at 42.51%, increasing financial risk
• Long effective duration of 11.91 years increases interest-rate sensitivity
• Alternative minimum tax exposure at 22.49%
• Outstanding VRDP liability of $100,000,000 not included in net assets

NEW YORK, Feb. 23, 2026 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. [NYSE: AFB] (the "Fund") today released its monthly portfolio update as of January 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		3.69 %
2) Melissa Independent School District Series 2024-2 4.25%, 02/01/53		2.13 %
3) Commonwealth of Massachusetts Series 2025-2 5.00%, 01/01/54		1.99 %
4) Oklahoma Turnpike Authority Series 2023 4.50%, 01/01/53		1.98 %
5) New York Transportation Development Corp. Series 2024 Zero Coupon, 12/31/54		1.97 %
6) Dallas Independent School District Series 2024-2 4.00%, 02/15/54		1.90 %
7) Metropolitan Washington Airports Authority Aviation Revenue Series 2025-2 5.50%, 10/01/55		1.86 %
8) State of Hawaii Airports System Revenue Series 2025-2 5.50%, 07/01/54		1.85 %
9) Worthington City School District Series 2025-2 5.50%, 12/01/54		1.85 %
10) City of Atlanta GA Department of Aviation Series 2025-2 5.50%, 07/01/55		1.83 %
Sector/Industry Breakdown		Portfolio %
Revenue
Airport		13.96 %
Health Care - Not-for-Profit		10.90 %
Revenue - Miscellaneous		6.95 %
Toll Roads/Transit		5.88 %
Industrial Development - Airline		5.18 %
Prepay Energy		4.78 %
Higher Education - Private		3.81 %
Primary/Secondary Ed. - Public		3.56 %
Port		2.62 %
Industrial Development - Industry		2.04 %
Higher Education - Public		1.77 %
Electric Utility		1.46 %
Senior Living		1.35 %
Water & Sewer		0.80 %
Tobacco Securitization		0.30 %
Primary/Secondary Ed. - Private		0.17 %
SUBTOTAL		65.53 %
Tax Supported
Local G.O.		10.56 %
State G.O.		6.38 %
Special Tax		3.67 %
Local Lease		1.48 %
Assessment District		0.36 %
SUBTOTAL		22.45 %
Guaranteed		9.95 %
Asset-Backed
Housing - Multi-Family		1.03 %
SUBTOTAL		1.03 %
Commercial Mortgage-Backed Securities
Non-Agency Fixed Rate CMBS		0.49 %
Non-Agency Floating Rate CMBS		0.35 %
SUBTOTAL		0.84 %
Cash & Cash Equivalents
Funds and Investment Trusts		0.18 %
SUBTOTAL		0.18 %
Prerefunded/ETM		0.02 %
Total		100.00 %
State Breakdown		Portfolio %
Texas		12.56 %
California		12.42 %
New York		7.96 %
Florida		7.90 %
Illinois		7.87 %
Massachusetts		5.81 %
Wisconsin		5.80 %
Georgia		4.56 %
Ohio		4.16 %
Pennsylvania		3.00 %
District of Columbia		2.59 %
New Hampshire		2.48 %
Oklahoma		2.37 %
Louisiana		2.29 %
Arizona		2.07 %
Colorado		1.95 %
Michigan		1.91 %
Hawaii		1.85 %
Minnesota		1.30 %
Alabama		0.97 %
Nebraska		0.95 %
Indiana		0.84 %
North Carolina		0.76 %
Virginia		0.76 %
South Carolina		0.69 %
Washington		0.69 %
Tennessee		0.52 %
Alaska		0.48 %
Maryland		0.37 %
New Jersey		0.36 %
Arkansas		0.35 %
North Dakota		0.35 %
Oregon		0.24 %
Connecticut		0.20 %
Utah		0.18 %
South Dakota		0.13 %
Other		0.31 %
Total Investments		100.00 %
Credit Quality Breakdown		Portfolio %
AAA		10.51 %
AA		39.85 %
A		19.82 %
BBB		18.16 %
BB		6.66 %
B		0.54 %
Not Rated		4.26 %
Pre-refunded Bonds		0.02 %
Short Term Investments		0.18 %
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		13.93 %
20 to 30 Years		64.11 %
More than 30 Years		18.94 %
Other		0.00 %
Total Net Assets		100.00 %
Portfolio Statistics:
AMT Percent:		22.49 %
Average Coupon:		5.02 %
Percentage of Leverage:
Bank Borrowing:		0.00 %
Investment Operations:		0.00 %
Auction Preferred Shares (APS):		0.00 %
Tender Option Bonds:		25.69 %
VMTP Shares:		0.00 %
VRDP Shares:		16.82 %
Total Fund Leverage:		42.51%*
Average Maturity:		13.57 Years
Effective Duration:		11.91 Years
Total Net Assets:		$347.52 Million**
Common Stock Net Asset Value:		$12.09
Total Number of Holdings:		175
Portfolio Turnover:		56.00 %
* The total percentage of leverage constitutes 25.69% through the use of tender option bonds, 16.82%
in issued and outstanding VRDPs and 0.00% 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.

 

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SOURCE AllianceBernstein National Municipal Income Fund, Inc.

FAQ

What are AFB's reported total net assets and NAV as of January 31, 2026?

Total net assets are $347.52 million with a common stock NAV of $12.09. According to the company, these values reflect the fund's reported balances as of January 31, 2026.

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

The fund reports total leverage of 42.51%, primarily via tender option bonds and VRDPs. According to the company, leverage includes 25.69% tender option bonds and 16.82% VRDPs.

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

AFB's effective duration is 11.91 years, with average maturity of 13.57 years. According to the company, this indicates above-average interest-rate sensitivity for a municipal bond fund.

What credit quality mix does AFB hold in its portfolio?

The portfolio shows AAA 10.51% and AA 39.85%, totaling 50.36% in top-two credit ratings. According to the company, these figures are based on holdings as of January 31, 2026.

How concentrated is AFB by sector and holdings count as of January 31, 2026?

Airports are the largest sector at 13.96%, and the fund holds 175 total investments. According to the company, sector and holding counts reflect the fund's portfolio snapshot on that date.