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

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AllianceBernstein National Municipal Income Fund (NYSE: AFB) has announced the release of its monthly portfolio update as of February 28, 2025. The announcement was made on March 24, 2025 in New York, providing investors with the latest information about the Fund's portfolio composition and performance.

NEW YORK, March 24, 2025 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc.[NYSE: AFB] (the "Fund") today released its monthly portfolio update as of February 28, 2025.

AllianceBernstein National Municipal Income Fund, Inc.
Top 10 Fixed-Income Holdings		Portfolio %
1) Lamar Consolidated Independent School District Series 2024-2 5.00%, 02/15/53		2.65 %
2) City of New Orleans LA Series 2021-A 5.00%, 12/01/46		2.61 %
3) Greenwood Independent School District Series 2024 4.00%, 02/15/54		2.26 %
4) Melissa Independent School District Series 2024-2 4.25%, 02/01/53		2.11 %
5) Dallas Independent School District Series 2024-2 4.00%, 02/15/54		1.91 %
6) New York Transportation Development Corp. Series 2024 Zero Coupon, 12/31/54		1.84 %
7) Public Authority for Colorado Energy Series 2008 6.50%, 11/15/38		1.83 %
8) City of New York NY Series 2023 4.125%, 08/01/53		1.82 %
9) State of Hawaii Airports System Revenue Series 2025-A 5.50%, 07/01/54		1.81 %
10) County of Miami-Dade FL Aviation Revenue Series 2025-A 5.50%, 10/01/55		1.79 %
Sector/Industry Breakdown		Portfolio %
Revenue
Health Care - Not-for-Profit		11.09 %
Airport		8.57 %
Revenue - Miscellaneous		8.19 %
Prepay Energy		7.22 %
Industrial Development - Airline		3.58 %
Toll Roads/Transit		3.56 %
Higher Education - Private		2.49 %
Port		2.33 %
Primary/Secondary Ed. - Public		2.30 %
Water & Sewer		2.13 %
Industrial Development - Industry		2.09 %
Electric Utility		2.05 %
Tobacco Securitization		1.83 %
Senior Living		0.95 %
Industrial Development - Utility		0.51 %
SUBTOTAL		58.89 %
Tax Supported
Local G.O.		13.68 %
State G.O.		5.96 %
Special Tax		4.53 %
Assessment District		0.18 %
SUBTOTAL		24.35 %
Guaranteed		14.41 %
Prerefunded/ETM		0.98 %
Asset-Backed
Housing - Multi-Family		0.91 %
SUBTOTAL		0.91 %
Cash & Cash Equivalents
Funds and Investment Trusts		0.46 %
SUBTOTAL		0.46 %
Total		100.00 %
State Breakdown		Portfolio %
Texas		17.81 %
Illinois		7.92 %
Florida		7.61 %
New York		7.35 %
Wisconsin		6.24 %
California		5.63 %
Michigan		4.49 %
South Carolina		4.41 %
Massachusetts		3.78 %
Pennsylvania		3.38 %
Louisiana		2.61 %
New Jersey		2.51 %
Colorado		2.41 %
Alabama		2.10 %
Washington		1.86 %
Hawaii		1.81 %
Arizona		1.80 %
Ohio		1.75 %
Nebraska		1.60 %
New Hampshire		1.45 %
Georgia		1.33 %
Nevada		1.17 %
Iowa		0.96 %
Minnesota		0.95 %
Virginia		0.86 %
Indiana		0.84 %
Utah		0.77 %
North Carolina		0.75 %
Alaska		0.66 %
Tennessee		0.51 %
Maryland		0.36 %
North Dakota		0.34 %
Arkansas		0.33 %
Oklahoma		0.33 %
Puerto Rico		0.32 %
Oregon		0.22 %
Connecticut		0.19 %
South Dakota		0.13 %
Other		0.46 %
Total Investments		100.00 %
Credit Quality Breakdown		Portfolio %
AAA		17.30 %
AA		29.08 %
A		26.43 %
BBB		16.78 %
BB		5.80 %
B		0.80 %
Not Rated		2.37 %
Pre-refunded Bonds		0.98 %
Short Term Investments		0.46 %
Total		100.00 %
Bonds by Maturity		Portfolio %
Less than 1 Year		0.64 %
1 To 5 Years		2.92 %
5 To 10 Years		4.31 %
10 To 20 Years		17.80 %
20 To 30 Years		60.63 %
More than 30 Years		13.70 %
Other		0.00 %
Total Net Assets		100.00 %
Portfolio Statistics:
AMT Percent:		18.29 %
Average Coupon:		4.78 %
Percentage of Leverage:
Bank Borrowing:		0.00 %
Investment Operations:		1.78 %
Auction Preferred Shares (APS):		0.00 %
Tender Option Bonds:		7.33 %
VMTP Shares:		14.71 %
VRDP Shares:		16.66 %
Total Fund Leverage:		40.48%*
Average Maturity:		11.70 Years
Effective Duration:		8.95 Years
Total Net Assets:		$362.03 Million**
Common Stock Net Asset Value:		$12.59
Total Number of Holdings:		163
Portfolio Turnover:		32.00 %

* The total percentage of leverage constitutes 7.33% through the use of tender option bonds, 14.71%
in issued and outstanding VMTPs, 16.66% in issued and outstanding VRDPs and 1.78% 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 $88,275,000 of VMTPs at liquidation value, which is not included
in Total Net Assets because it is treated as a liability for financial reporting purposes.
** 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.

FAQ

When did AllianceBernstein (AFB) release its latest monthly portfolio update?

AllianceBernstein released its monthly portfolio update on March 24, 2025, covering the period ending February 28, 2025.

What period does the AFB February 2025 portfolio update cover?

The portfolio update covers the Fund's holdings and performance through February 28, 2025.

Where is the AFB monthly portfolio update published?

The portfolio update was released through PR Newswire and can be accessed via their website.

What is the stock exchange listing for AllianceBernstein National Municipal Income Fund?

The Fund trades on the New York Stock Exchange (NYSE) under the ticker symbol AFB.