NEW YORK, Jan. 26, 2026 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. [NYSE: AFB] (the "Fund") today released its monthly portfolio update as of December 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 2.16 %
2) Commonwealth of Massachusetts Series 2025-2 5.00%, 01/01/54 2.00 %
3) Oklahoma Turnpike Authority Series 2023 4.50%, 01/01/53 1.97 %
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 1.92 %
6) State of Hawaii Airports System Revenue Series 2025-2 5.50%, 07/01/54 1.86 %
7) Worthington City School District Series 2025-2 5.50%, 12/01/54 1.86 %
8) City of Atlanta GA Department of Aviation Series 2025-2 5.50%, 07/01/55 1.85 %
9) Metropolitan Washington Airports Authority Aviation Revenue Series 2025-2 5.50%, 10/01/55 1.85 %
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 12.77 %
Airport 10.26 %
Revenue - Miscellaneous 7.18 %
Toll Roads/Transit 5.51 %
Industrial Development - Airline 5.14 %
Prepay Energy 4.74 %
Higher Education - Private 3.83 %
Primary/Secondary Ed. - Public 3.57 %
Port 2.61 %
Industrial Development - Industry 2.05 %
Higher Education - Public 1.77 %
Electric Utility 1.47 %
Senior Living 1.35 %
Water & Sewer 0.80 %
Tobacco Securitization 0.30 %
Primary/Secondary Ed. - Private 0.17 %
SUBTOTAL 63.52 %
Tax Supported
Local G.O. 10.73 %
State G.O. 6.41 %
Special Tax 3.70 %
Local Lease 1.49 %
Assessment District 0.36 %
SUBTOTAL 22.69 %
Guaranteed 11.85 %
Asset-Backed
Housing - Multi-Family 0.86 %
SUBTOTAL 0.86 %
Commercial Mortgage-Backed Securities
Non-Agency Fixed Rate CMBS 0.49 %
Non-Agency Floating Rate CMBS 0.35 %
SUBTOTAL 0.84 %
Cash & Cash Equivalents
Funds and Investment Trusts 0.22 %
SUBTOTAL 0.22 %
Prerefunded/ETM 0.02 %
Total 100.00 %
State Breakdown Portfolio %
Texas 14.47 %
California 8.86 %
New York 7.95 %
Florida 7.89 %
Illinois 7.85 %
Massachusetts 5.84 %
Wisconsin 5.48 %
Georgia 4.58 %
Ohio 4.18 %
Pennsylvania 3.00 %
District of Columbia 2.58 %
New Hampshire 2.53 %
South Carolina 2.38 %
Oklahoma 2.36 %
Louisiana 2.30 %
Colorado 2.08 %
Arizona 2.05 %
Michigan 1.91 %
Hawaii 1.86 %
Minnesota 1.31 %
Alabama 0.97 %
Nebraska 0.95 %
Indiana 0.85 %
North Carolina 0.76 %
Virginia 0.76 %
Washington 0.69 %
Tennessee 0.52 %
Alaska 0.49 %
Maryland 0.37 %
New Jersey 0.36 %
North Dakota 0.36 %
Arkansas 0.35 %
Oregon 0.24 %
Connecticut 0.20 %
Utah 0.18 %
South Dakota 0.14 %
Other 0.35 %
Total Investments 100.00 %
Credit Quality Breakdown Portfolio %
AAA 12.41 %
AA 38.08 %
A 19.97 %
BBB 17.87 %
BB 6.60 %
B 0.53 %
Not Rated 4.30 %
Pre-refunded Bonds 0.02 %
Short Term Investments 0.22 %
Total 100.00 %
Bonds by Maturity Portfolio %
Less than 1 Year 0.37 %
1 to 5 Years 0.13 %
5 to 10 Years 2.61 %
10 to 20 Years 14.00 %
20 to 30 Years 64.21 %
More than 30 Years 18.68 %
Other 0.00 %
Total Net Assets 100.00 %
Portfolio Statistics:
AMT Percent: 19.78 %
Average Coupon: 4.88 %
Percentage of Leverage:
Bank Borrowing: 0.00 %
Investment Operations: 0.00 %
Auction Preferred Shares (APS): 0.00 %
Tender Option Bonds: 23.13 %
VMTP Shares: 0.00 %
VRDP Shares: 17.45 %
Total Fund Leverage: 40.58%*
Average Maturity: 13.64 Years
Effective Duration: 11.82 Years
Total Net Assets:
$347.22 Million**
Common Stock Net Asset Value: $12.08
Total Number of Holdings: 176
Portfolio Turnover: 56.00 %
* The total percentage of leverage constitutes 23.13% through the use of tender option bonds, 17.45%
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-302670276.html
SOURCE AllianceBernstein National Municipal Income Fund, Inc.
