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

AFB’s August 2026 update highlights a long-duration, highly rated municipal portfolio using 46.81% leverage on $333.69 million in net assets.

Rhea-AI Summary

AllianceBernstein National Municipal Income Fund (AFB) released a detailed portfolio update as of August 31, 2026, covering holdings, sector, state, credit quality and structural metrics.

The top fixed-income holding is San Francisco Intl Airport Series 2026-2 at 3.76% of the portfolio, with airport revenue bonds overall at 15.71%. Tax-supported bonds represent 22.80%. Largest state exposures are California 12.21% and Texas 11.03%. Credit quality is concentrated in AA (40.29%), A (17.92%) and BBB (16.90%). Bonds maturing in 20–30 years account for 63.81% of assets.

The Fund reports AMT exposure of 22.73%, an average coupon of 5.84%, and total leverage of 46.81% (24.58% tender option bonds, 18.00% VRDPs, 4.23% investment operations). Total net assets are $333.69 million, common share NAV is $11.61, with 190 holdings and portfolio turnover of 56.00%.

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NEW YORK, Sept. 21, 2026 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. [NYSE: AFB] (the "Fund") today released its monthly portfolio update as of August 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		3.76 %
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		2.02 %
4) New York Transportation Development Corp. Series 2024 Zero Coupon, 12/31/54		1.96 %
5) Oklahoma Turnpike Authority Series 2023 4.50%, 01/01/53		1.92 %
6) Metropolitan Washington Airports Authority Aviation Revenue Series 2025-2 5.50%, 10/01/55		1.88 %
7) Worthington City School District Series 2025-2 5.50%, 12/01/54		1.87 %
8) Dallas Independent School District Series 2024-2 4.00%, 02/15/54		1.87 %
9) City of Atlanta GA Department of Aviation Series 2025-2 5.50%, 07/01/55		1.87 %
10) State of Hawaii Airports System Revenue Series 2025-A 5.50%, 07/01/54		1.87 %
Sector/Industry Breakdown		Portfolio %
Revenue
Airport		15.71 %
Health Care - Not-for-Profit		10.41 %
Toll Roads/Transit		5.93 %
Industrial Development - Airline		5.23 %
Revenue - Miscellaneous		4.71 %
Primary/Secondary Ed. - Public		4.22 %
Prepay Energy		4.01 %
Higher Education - Private		3.21 %
Student Housing		2.42 %
Port		2.22 %
Industrial Development - Industry		2.01 %
Senior Living		1.87 %
Higher Education - Public		1.82 %
Water & Sewer		1.51 %
Electric Utility		0.58 %
Tobacco Securitization		0.31 %
Primary/Secondary Ed. - Private		0.17 %
SUBTOTAL		66.34 %
Tax Supported
Local G.O.		9.84 %
State G.O.		6.84 %
Special Tax		3.70 %
Local Lease		1.59 %
Assessment District		0.55 %
State Lease		0.28 %
SUBTOTAL		22.80 %
Guaranteed		8.14 %
Asset-Backed
Housing - Multi-Family		2.32 %
SUBTOTAL		2.32 %
Cash & Cash Equivalents
Funds and Investment Trusts		0.38 %
SUBTOTAL		0.38 %
Prerefunded/ETM		0.02 %
Total		100.00 %
State Breakdown		Portfolio %
California		12.21 %
Texas		11.03 %
Florida		8.53 %
New York		8.34 %
Illinois		7.60 %
Massachusetts		6.30 %
Wisconsin		5.84 %
Ohio		4.24 %
Georgia		4.10 %
Hawaii		3.71 %
New Hampshire		3.48 %
District of Columbia		2.62 %
Pennsylvania		2.54 %
Oklahoma		2.31 %
Arizona		1.99 %
Colorado		1.98 %
Louisiana		1.40 %
Minnesota		1.31 %
Michigan		1.21 %
Alabama		0.98 %
Nebraska		0.94 %
Connecticut		0.91 %
Utah		0.78 %
Virginia		0.77 %
South Carolina		0.69 %
Washington		0.69 %
Maryland		0.54 %
Tennessee		0.53 %
Indiana		0.52 %
New Jersey		0.37 %
Arkansas		0.36 %
North Dakota		0.36 %
Oregon		0.25 %
South Dakota		0.13 %
North Carolina		0.05 %
Other		0.39 %
Total Investments		100.00 %
Credit Quality Breakdown		Portfolio %
AAA		8.71 %
AA		40.29 %
A		17.92 %
BBB		16.90 %
BB		8.02 %
B		0.53 %
Not Rated		7.23 %
Pre-refunded Bonds		0.02 %
Short Term Investments		0.38 %
Total		100.00 %
Bonds by Maturity		Portfolio %
Less than 1 Year		0.47 %
1 to 5 Years		0.13 %
5 to 10 Years		2.62 %
10 to 20 Years		14.04 %
20 to 30 Years		63.81 %
More than 30 Years		18.93 %
Other		0.00 %
Total Net Assets		100.00 %
Portfolio Statistics:
AMT Percent:		22.73 %
Average Coupon:		5.84 %
Percentage of Leverage:
Bank Borrowing:		0.00 %
Investment Operations:		4.23 %
Auction Preferred Shares (APS):		0.00 %
Tender Option Bonds:		24.58 %
VMTP Shares:		0.00 %
VRDP Shares:		18.00 %
Total Fund Leverage:		46.81%*
Average Maturity:		14.35 Years
Effective Duration:		12.54 Years
Total Net Assets:		$333.69 Million**
Common Stock Net Asset Value:		$11.61
Total Number of Holdings:		190
Portfolio Turnover:		56.00 %
* The total percentage of leverage constitutes 24.58% through the use of tender option bonds, 18.00%
in issued and outstanding VRDPs and 4.23% 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.