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 June 30, 2025, revealing a diverse municipal bond portfolio with $331.36 million in total net assets. The fund maintains significant positions in education and transportation infrastructure bonds, with its top holdings including Melissa Independent School District (1.97%) and Commonwealth of Massachusetts bonds (1.93%).

The portfolio demonstrates strong geographical diversification across 37 states, with Texas (16.57%), Florida (8.60%), and Illinois (8.08%) representing the largest state allocations. The fund maintains a high credit quality profile with 71.65% of holdings rated A or better. Notable portfolio characteristics include a 42.35% total leverage ratio, 17.25 years average maturity, and a net asset value of $11.53.

Positive

• None.

Negative

• High leverage ratio of 42.35% could amplify market volatility risks
• Significant interest rate risk with 12.01 years effective duration
• Large exposure to long-term bonds with 79.94% maturing beyond 20 years
• Concentrated state exposure with top 3 states comprising 33.25% of portfolio

NEW YORK, July 28, 2025 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc.[NYSE: AFB] (the "Fund") today released its monthly portfolio update as of June 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		1.97 %
2) Commonwealth of Massachusetts Series 2025-2 5.00%, 01/01/54		1.93 %
3) Worthington City School District Series 2023 5.50%, 12/01/54		1.80 %
4) New York Transportation Development Corp. Series 2024 Zero Coupon, 12/31/54		1.80 %
5) Metropolitan Washington Airports Authority Aviation Revenue Series 2025-A 5.50%, 10/01/55		1.79 %
6) State of Hawaii Airports System Revenue Series 2025-2 5.50%, 07/01/54		1.78 %
7) Dallas Independent School District Series 2024-2 4.00%, 02/15/54		1.77 %
8) Greenwood Independent School District Series 2025-2 5.00%, 02/15/49		1.76 %
9) County of Miami-Dade FL Aviation Revenue Series 2025-A 5.50%, 10/01/55		1.76 %
10) Leander Independent School District Series 2025-A 5.00%, 08/15/55		1.74 %
Investment Type		Portfolio %
State Breakdown		Portfolio %
Texas		16.57 %
Florida		8.60 %
Illinois		8.08 %
California		7.57 %
Wisconsin		6.34 %
New York		6.27 %
Massachusetts		5.48 %
Ohio		4.02 %
Colorado		3.40 %
Pennsylvania		3.10 %
South Carolina		2.78 %
New Hampshire		2.45 %
Michigan		2.25 %
District of Columbia		2.14 %
New Jersey		2.06 %
Arizona		1.94 %
Alabama		1.86 %
Louisiana		1.84 %
Hawaii		1.78 %
Nebraska		1.63 %
Virginia		1.42 %
Georgia		1.34 %
Minnesota		1.25 %
Indiana		0.81 %
North Carolina		0.73 %
Alaska		0.62 %
Washington		0.49 %
Tennessee		0.48 %
Utah		0.43 %
Oklahoma		0.37 %
Maryland		0.36 %
Arkansas		0.34 %
North Dakota		0.34 %
Nevada		0.33 %
Oregon		0.22 %
Connecticut		0.19 %
South Dakota		0.12 %
Total Investments		100.00 %
Net Currency Exposure Breakdown		Portfolio %
US Dollar		100.00 %
Total Net Assets		100.00 %
Credit Quality Breakdown		Portfolio %
AAA		15.13 %
AA		32.70 %
A		23.82 %
BBB		18.30 %
BB		6.83 %
B		0.51 %
Not Rated		2.69 %
Pre-refunded Bonds		0.02 %
Total		100.00 %
Bonds by Maturity		Portfolio %
Less than 1 Year		0.18 %
1 to 5 Years		0.89 %
5 to 10 Years		2.73 %
10 to 20 Years		16.26 %
20 to 30 Years		59.12 %
More than 30 Years		20.82 %
Other		0.00 %
Total Net Assets		100.00 %
Portfolio Statistics:
AMT Percent:		19.53 %
Average Coupon:		4.73 %
Percentage of Leverage(based on gross assets):
Bank Borrowing:		0.00 %
Investment Operations:		2.52 %
Auction Preferred Shares (APS):		0.00 %
Tender Option Bonds:		7.54 %
VMTP Shares:		15.14 %
VRDP Shares:		17.15 %
Total Fund Leverage:		42.35 %
Average Maturity:		17.25 Years
Effective Duration:		12.01 Years
Total Net Assets:		$331.36 Million
Net Asset Value:		$11.53
Total Number of Holdings:		171
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.

View original content:https://www.prnewswire.com/news-releases/alliancebernstein-national-municipal-income-fund-inc-releases-monthly-portfolio-update-302515215.html

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 June 30, 2025, AFB's Net Asset Value (NAV) is $11.53 with total net assets of $331.36 million.

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

AFB's portfolio consists of 15.13% AAA, 32.70% AA, 23.82% A, 18.30% BBB, 6.83% BB, 0.51% B, and 2.69% Not Rated bonds, with 0.02% in pre-refunded bonds.

What are the top state exposures in AFB's portfolio?

The fund's largest state exposures are Texas (16.57%), Florida (8.60%), and Illinois (8.08%), followed by California (7.57%) and Wisconsin (6.34%).

How much leverage does AFB currently employ?

AFB employs a total leverage of 42.35%, consisting of Investment Operations (2.52%), Tender Option Bonds (7.54%), VMTP Shares (15.14%), and VRDP Shares (17.15%).

What is the maturity profile of AFB's portfolio?

The fund's portfolio has 59.12% of bonds maturing in 20-30 years, 20.82% beyond 30 years, 16.26% in 10-20 years, and the remaining 3.8% in shorter-term maturities.