ALLIANCEBERNSTEIN NATIONAL MUNICIPAL INCOME FUND, INC. RELEASES MONTHLY PORTFOLIO UPDATE

Outstanding preferred shares carried $100 million in liquidation value and were treated as a liability outside total net assets.

Rhea-AI Summary

AllianceBernstein National Municipal Income Fund (NYSE: AFB) released its monthly portfolio update covering holdings and financial statistics as of September 30, 2026. Total net assets were $301.71 million, with common stock net asset value of $10.50 and 185 holdings.

Total fund leverage was 45.19%. Average maturity was 22.39 years, while effective duration, a measure of interest-rate sensitivity, was 17.13 years. Bonds maturing in 20 to 30 years represented 63.57% of the portfolio. AA-rated investments accounted for 39.40%, and 8.31% was not rated. Revenue bonds represented 65.01%, with airports the largest sector at 15.47%. California was the largest state allocation at 12.14%. The largest individual holding was San Francisco International Airport Series 2026-2, at 3.91%. Average coupon was 5.74%, and portfolio turnover was 56.00%.

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• Moderate pointFund leverage totaled 45.19%, comprising 25.67% tender option bonds and 19.52% variable-rate demand preferred shares.
• Minor pointOutstanding variable-rate demand preferred shares carried $100,000,000 in liquidation value, treated as a liability outside net assets.

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NEW YORK, Oct. 26, 2026 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc.[NYSE: AFB] (the "Fund") today released its monthly portfolio update as of September 30, 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		3.91 %
2) Melissa Independent School District Series 2024-2 4.25%, 02/01/53		2.15 %
3) Commonwealth of Massachusetts Series 2025-2 5.00%, 01/01/54		2.10 %
4) Worthington City School District Series 2025-2 5.50%, 12/01/54		2.00 %
5) Oklahoma Turnpike Authority Series 2023 4.50%, 01/01/53		1.95 %
6) Metropolitan Washington Airports Authority Aviation Revenue Series 2025-2 5.50%, 10/01/55		1.94 %
7) City of Atlanta GA Department of Aviation Series 2025-2 5.50%, 07/01/55		1.94 %
8) County of Miami-Dade FL Aviation Revenue Series 2025-A 5.50%, 10/01/55		1.94 %
9) Greenwood Independent School District Series 2025-2 5.00%, 02/15/49		1.92 %
10) New York Transportation Development Corp. Series 2024 Zero Coupon, 12/31/54		1.92 %
Sector/Industry Breakdown		Portfolio %
Revenue
Airport		15.47 %
Health Care - Not-for-Profit		10.32 %
Toll Roads/Transit		6.02 %
Industrial Development - Airline		5.28 %
Primary/Secondary Ed. - Public		4.31 %
Revenue - Miscellaneous		4.20 %
Prepay Energy		3.57 %
Higher Education - Private		3.32 %
Student Housing		2.49 %
Port		2.25 %
Industrial Development - Industry		2.07 %
Higher Education - Public		1.85 %
Senior Living		1.74 %
Water & Sewer		1.03 %
Electric Utility		0.59 %
Tobacco Securitization		0.32 %
Primary/Secondary Ed. - Private		0.18 %
SUBTOTAL		65.01 %
Tax Supported
Local G.O.		10.13 %
State G.O.		7.12 %
Special Tax		3.56 %
Local Lease		1.67 %
Assessment District		0.57 %
State Lease		0.30 %
SUBTOTAL		23.35 %
Guaranteed		8.36 %
Asset-Backed
Housing - Multi-Family		2.40 %
SUBTOTAL		2.40 %
Cash & Cash Equivalents
Funds and Investment Trusts		0.86 %
SUBTOTAL		0.86 %
Prerefunded/ETM		0.02 %
Total		100.00 %
State Breakdown		Portfolio %
California		12.14 %
Texas		11.32 %
Florida		8.36 %
New York		8.23 %
Illinois		7.73 %
Massachusetts		6.56 %
Wisconsin		5.98 %
Ohio		4.43 %
Georgia		4.25 %
New Hampshire		3.64 %
Hawaii		3.06 %
District of Columbia		2.73 %
Oklahoma		2.36 %
Arizona		2.10 %
Colorado		2.08 %
Pennsylvania		1.52 %
Louisiana		1.43 %
Minnesota		1.36 %
Michigan		1.27 %
Connecticut		0.87 %
Utah		0.80 %
Nebraska		0.79 %
Virginia		0.79 %
Washington		0.72 %
South Carolina		0.70 %
Maryland		0.57 %
Alabama		0.55 %
Tennessee		0.54 %
Indiana		0.52 %
Oregon		0.43 %
New Jersey		0.40 %
Arkansas		0.38 %
North Dakota		0.36 %
South Dakota		0.13 %
North Carolina		0.04 %
Other		0.86 %
Total Investments		100.00 %
Credit Quality Breakdown		Portfolio %
AAA		8.92 %
AA		39.40 %
A		17.81 %
BBB		15.98 %
BB		8.15 %
B		0.55 %
Not Rated		8.31 %
Pre-refunded Bonds		0.02 %
Short Term Investments		0.86 %
Total		100.00 %
Bonds by Maturity		Portfolio %
Less than 1 Year		0.95 %
1 to 5 Years		0.93 %
5 to 10 Years		1.37 %
10 to 20 Years		13.73 %
20 to 30 Years		63.57 %
More than 30 Years		19.45 %
Other		0.00 %
Total Net Assets		100.00 %
Portfolio Statistics:
AMT Percent:		25.67 %
Average Coupon:		5.74 %
Percentage of Leverage:
Bank Borrowing:		0.00 %
Investment Operations:		0.00 %
Auction Preferred Shares (APS):		0.00 %
Tender Option Bonds:		25.67 %
VMTP Shares:		0.00 %
VRDP Shares:		19.52 %
Total Fund Leverage:		45.19%*
Average Maturity:		22.39 Years
Effective Duration:		17.13 Years
Total Net Assets:		$301.71 Million**
Common Stock Net Asset Value:		$10.50
Total Number of Holdings:		185
Portfolio Turnover:		56.00 %
* The total percentage of leverage constitutes 25.67% through the use of tender option bonds, 19.52%
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.

 

View original content:https://www.prnewswire.com/news-releases/alliancebernstein-national-municipal-income-fund-inc-releases-monthly-portfolio-update-302919785.html

SOURCE AllianceBernstein National Municipal Income Fund, Inc.

FAQ

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What were AFB's net assets and net asset value as of September 30, 2026?

AllianceBernstein National Municipal Income Fund had $301.71 million in total net assets and a common stock net asset value of $10.50 as of September 30, 2026. The portfolio contained 185 holdings.

How much leverage did AFB report as of September 30, 2026?

AFB reported total fund leverage of 45.19%, consisting of 25.67% through tender option bonds and 19.52% through issued and outstanding variable-rate demand preferred shares. Bank borrowing and leverage from investment operations were both 0.00%.