--- title: "AllianceBernstein National Municipal Income Fund, Inc. Releases Monthly Portfolio Update | AFB Stock News" type: "News" locale: "en" url: "https://longbridge.com/en/news/273746894.md" description: "AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB) has released its monthly portfolio update as of December 31, 2025. The top holdings include Melissa Independent School District Series 2024-2 and Commonwealth of Massachusetts Series 2025-2. The portfolio is diversified across various sectors, with significant investments in health care, airports, and toll roads. The fund's total net assets amount to $347.22 million, with an average maturity of 13.64 years and an effective duration of 11.82 years. The fund employs a leverage strategy with a total fund leverage of 40.58%." datetime: "2026-01-26T13:06:00.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/273746894.md) - [en](https://longbridge.com/en/news/273746894.md) - [zh-HK](https://longbridge.com/zh-HK/news/273746894.md) --- # AllianceBernstein National Municipal Income Fund, Inc. Releases Monthly Portfolio Update | AFB Stock News , /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. 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