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 October 31, 2025. Key metrics: Total net assets $350.77 million, Common stock NAV $12.20, Total fund leverage 40.87% (22.80% tender option bonds, 17.23% VRDPs, 0.84% investment operations), Average coupon 5.05%, Average maturity 13.17 years, and Effective duration 11.48 years. Portfolio is concentrated in revenue bonds (62.99%) with top sectors: health care 13.30% and airport 10.25%. Total holdings: 171; portfolio turnover: 32%.

Positive

• Total net assets of $350.77 million
• Common stock NAV at $12.20
• Average coupon of 5.05% across holdings
• Revenue bonds comprise 62.99% of the portfolio

Negative

• Total fund leverage of 40.87% increases risk
• Effective duration of 11.48 years implies high rate sensitivity
• Outstanding VRDPs of $100,000,000 treated as liability

NEW YORK, Nov. 24, 2025 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc.[NYSE: AFB] (the "Fund") today released its monthly portfolio update as of October 31, 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		2.15 %
2) Commonwealth of Massachusetts Series 2025-2 5.00%, 01/01/54		1.99 %
3) Oklahoma Turnpike Authority Series 2023 4.50%, 01/01/53		1.94 %
4) Dallas Independent School District Series 2024-2 4.00%, 02/15/54		1.93 %
5) New York Transportation Development Corp. Series 2024 Zero Coupon, 12/31/54		1.90 %
6) State of Hawaii Airports System Revenue Series 2025-2 5.50%, 07/01/54		1.86 %
7) Metropolitan Washington Airports Authority Aviation Revenue Series 2025-2 5.50%, 10/01/55		1.86 %
8) Worthington City School District Series 2025-2 5.50%, 12/01/54		1.84 %
9) City of Atlanta GA Department of Aviation Series 2025-2 5.50%, 07/01/55		1.84 %
10) County of Miami-Dade FL Aviation Revenue Series 2025-2 5.50%, 10/01/55		1.83 %
Sector/Industry Breakdown		Portfolio %
Revenue
Health Care - Not-for-Profit		13.30 %
Airport		10.25 %
Revenue - Miscellaneous		7.66 %
Toll Roads/Transit		5.46 %
Prepay Energy		4.70 %
Industrial Development - Airline		4.09 %
Primary/Secondary Ed. - Public		3.50 %
Higher Education - Private		3.47 %
Port		2.60 %
Industrial Development - Industry		2.14 %
Higher Education - Public		1.76 %
Electric Utility		1.46 %
Senior Living		1.33 %
Water & Sewer		0.80 %
Tobacco Securitization		0.30 %
Primary/Secondary Ed. - Private		0.17 %
SUBTOTAL		62.99 %
Tax Supported
Local G.O.		11.30 %
State G.O.		6.37 %
Special Tax		3.52 %
Local Lease		1.48 %
Assessment District		0.18 %
SUBTOTAL		22.85 %
Guaranteed		11.78 %
Asset-Backed
Housing - Multi-Family		1.32 %
SUBTOTAL		1.32 %
Cash & Cash Equivalents
Funds and Investment Trusts		0.68 %
SUBTOTAL		0.68 %
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		8.72 %
Florida		8.50 %
Illinois		8.11 %
New York		6.89 %
Wisconsin		6.13 %
Massachusetts		5.81 %
Georgia		4.56 %
Ohio		4.17 %
Pennsylvania		2.99 %
South Carolina		2.97 %
New Hampshire		2.68 %
District of Columbia		2.59 %
Oklahoma		2.33 %
Arizona		2.04 %
Louisiana		1.94 %
Michigan		1.89 %
Hawaii		1.86 %
Colorado		1.72 %
Minnesota		1.30 %
Alabama		0.96 %
Nebraska		0.92 %
Indiana		0.85 %
North Carolina		0.75 %
Washington		0.68 %
Virginia		0.58 %
Tennessee		0.50 %
Alaska		0.49 %
Maryland		0.37 %
New Jersey		0.35 %
North Dakota		0.35 %
Arkansas		0.34 %
Oregon		0.23 %
Connecticut		0.19 %
South Dakota		0.13 %
Other		0.68 %
Total Investments		100.00 %
Credit Quality Breakdown		Portfolio %
AAA		12.35 %
AA		38.89 %
A		19.87 %
BBB		16.51 %
BB		7.41 %
B		0.53 %
Not Rated		3.74 %
Pre-refunded Bonds		0.02 %
Short Term Investments		0.68 %
Total		100.00 %
Bonds by Maturity		Portfolio %
Less than 1 Year		0.83 %
1 to 5 Years		0.13 %
5 to 10 Years		2.40 %
10 to 20 Years		11.92 %
20 to 30 Years		65.28 %
More than 30 Years		19.44 %
Other		0.00 %
Total Net Assets		100.00 %
Portfolio Statistics:
AMT Percent:		20.88 %
Average Coupon:		5.05 %
Percentage of Leverage:
Bank Borrowing:		0.00 %
Investment Operations:		0.84 %
Auction Preferred Shares (APS):		0.00 %
Tender Option Bonds:		22.80 %
VMTP Shares:		0.00 %
VRDP Shares:		17.23 %
Total Fund Leverage:		40.87%*
Average Maturity:		13.17 Years
Effective Duration:		11.48 Years
Total Net Assets:		$350.77 Million**
Common Stock Net Asset Value:		$12.20
Total Number of Holdings:		171
Portfolio Turnover:		32.00 %

* The total percentage of leverage constitutes 22.80% through the use of tender option bonds, 17.23% in issued and outstanding VRDPs and 0.84% 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 total net assets and NAV as of October 31, 2025?

Total net assets were $350.77 million and common stock NAV was $12.20.

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

The fund reported total leverage of 40.87%, including 22.80% tender option bonds and 17.23% VRDPs.

What is AFB's interest rate sensitivity (effective duration) as of Oct 31, 2025?

Effective duration is reported at 11.48 years, indicating elevated sensitivity to interest rates.

What portion of AFB's portfolio is in revenue bonds and top sectors?

Revenue bonds represent 62.99% of the portfolio; top sectors include health care 13.30% and airport 10.25%.

How many holdings and what was AFB's portfolio turnover rate?

The fund held 171 securities with a portfolio turnover of 32%.

Does AFB report any off-balance liabilities affecting shareholders?

Yes. The fund reported $100,000,000 of outstanding VRDPs shown as a liability and excluded from total net assets.