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 August 31, 2025, revealing a diversified municipal bond portfolio with $325.11 million in total net assets. The fund maintains a significant leverage ratio of 45.02%, primarily through VRDP Shares (17.77%), VMTP Shares (15.69%), and Tender Option Bonds (11.56%).

The portfolio consists of 175 holdings with an average coupon of 4.69% and effective duration of 11.99 years. Credit quality is concentrated in investment-grade bonds, with 73.24% rated A or higher. Geographic diversification shows the largest exposures in Texas (14.22%), California (9.49%), and Florida (9.43%). The majority of bonds (82.45%) have maturities exceeding 20 years.

[ "Strong credit quality with 73.24% of portfolio rated A or better", "Well-diversified across 37 states, reducing geographic risk", "High-yield average coupon of 4.69%", "Substantial portfolio size of $325.11 million in total net assets" ]

Positive

• None.

Negative

• High leverage ratio of 45.02% increases risk
• Significant interest rate risk with long duration of 11.99 years
• High concentration in long-term bonds (82.45% over 20 years)
• Limited liquidity with only 0.37% in bonds under 5 years maturity

News Market Reaction – AFB

+0.18%

1 alert

+0.18% News Effect

On the day this news was published, AFB gained 0.18%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

NEW YORK, Sept. 22, 2025 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. [NYSE: AFB] (the "Fund") today released its monthly portfolio update as of August 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		2.02 %
2) Commonwealth of Massachusetts Series 2024-A 5.00%, 01/01/54		1.99 %
3) Oklahoma Turnpike Authority Series 2023 4.50%, 01/01/53		1.88 %
4) Worthington City School District Series 2023 5.50%, 12/01/54		1.85 %
5) Metropolitan Washington Airports Authority Aviation Revenue Series 2025-2 5.50%, 10/01/55		1.84 %
6) State of Hawaii Airports System Revenue Series 2025-A 5.50%, 07/01/54		1.83 %
7) Dallas Independent School District Series 2024-2 4.00%, 02/15/54		1.82 %
8) County of Miami-Dade FL Aviation Revenue Series 2025-A 5.50%, 10/01/55		1.82 %
9) Greenwood Independent School District Series 2024 5.00%, 02/15/49		1.81 %
10) Leander Independent School District Series 2025-A 5.00%, 08/15/55		1.80 %
Investment Type		Portfolio %
State Breakdown		Portfolio %
Texas		14.22 %
California		9.49 %
Florida		9.43 %
Illinois		9.20 %
Wisconsin		7.00 %
New York		6.27 %
Massachusetts		5.76 %
Ohio		4.11 %
Pennsylvania		3.21 %
South Carolina		2.86 %
New Hampshire		2.69 %
District of Columbia		2.57 %
Oklahoma		2.26 %
Michigan		2.16 %
Colorado		2.06 %
Arizona		2.01 %
Louisiana		1.94 %
Hawaii		1.83 %
Minnesota		1.28 %
Georgia		1.20 %
Alabama		0.95 %
Nebraska		0.95 %
Indiana		0.82 %
North Carolina		0.75 %
Alaska		0.64 %
Virginia		0.58 %
Washington		0.51 %
Tennessee		0.49 %
Utah		0.44 %
Maryland		0.37 %
New Jersey		0.36 %
Arkansas		0.35 %
North Dakota		0.35 %
Nevada		0.34 %
Oregon		0.23 %
Connecticut		0.19 %
South Dakota		0.13 %
Total Investments		100.00 %
Net Currency Exposure Breakdown		Portfolio %
US Dollar		100.00 %
Total Net Assets		100.00 %
Credit Quality Breakdown		Portfolio %
AAA		12.02 %
AA		36.20 %
A		25.02 %
BBB		15.62 %
BB		7.04 %
B		0.53 %
Not Rated		3.55 %
Pre-refunded Bonds		0.02 %
Total		100.00 %
Bonds by Maturity		Portfolio %
Less than 1 Year		0.19 %
1 to 5 Years		0.18 %
5 to 10 Years		2.66 %
10 to 20 Years		14.52 %
20 to 30 Years		59.89 %
More than 30 Years		22.56 %
Other		0.00 %
Total Net Assets		100.00 %
Portfolio Statistics:
AMT Percent:		22.91 %
Average Coupon:		4.69 %
Percentage of Leverage(based on gross assets):
Bank Borrowing:		0.00 %
Investment Operations:		0.00 %
Auction Preferred Shares (APS):		0.00 %
Tender Option Bonds:		11.56 %
VMTP Shares:		15.69 %
VRDP Shares:		17.77 %
Total Fund Leverage:		45.02 %
Average Maturity:		17.67 Years
Effective Duration:		11.99 Years
Total Net Assets:		$325.11 Million
Net Asset Value:		$11.31
Total Number of Holdings:		175
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-302563299.html

SOURCE AllianceBernstein National Municipal Income Fund, Inc.

FAQ

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

The fund's Net Asset Value (NAV) is $11.31 as of August 31, 2025.

How diversified is AFB's municipal bond portfolio by state?

The fund is diversified across 37 states, with the largest allocations in Texas (14.22%), California (9.49%), and Florida (9.43%).

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

The portfolio consists of 73.24% investment-grade bonds rated A or higher (AAA: 12.02%, AA: 36.20%, A: 25.02%), with the remainder in lower grades or unrated bonds.

What is the leverage structure of AllianceBernstein National Municipal Income Fund?

The fund employs 45.02% total leverage, comprised of VRDP Shares (17.77%), VMTP Shares (15.69%), and Tender Option Bonds (11.56%).

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

The majority of bonds (82.45%) have maturities exceeding 20 years, with 59.89% in 20-30 years and 22.56% beyond 30 years.