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

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AllianceBernstein National Municipal Income Fund (NYSE: AFB) released its monthly portfolio update as of February 28, 2026. Key portfolio metrics include Total Net Assets $353.27 million, NAV $12.29, Total Fund Leverage 40.05%, Average Coupon 5.32% and Effective Duration 11.55 years.

The portfolio holds 176 securities, with top sector weightings in airport revenue (13.53%) and a credit-quality mix concentrated in AA (39.77%) and A (18.76%).

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NEW YORK, March 23, 2026 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc.[NYSE: AFB] (the "Fund") today released its monthly portfolio update as of February 28, 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		3.71 %
2) Melissa Independent School District Series 2024-2 4.25%, 02/01/53		2.10 %
3) Commonwealth of Massachusetts Series 2025-2 5.00%, 01/01/54		1.99 %
4) New York Transportation Development Corp. Series 2024 Zero Coupon, 12/31/54		1.97 %
5) Oklahoma Turnpike Authority Series 2023 4.50%, 01/01/53		1.92 %
6) Dallas Independent School District Series 2024-2 4.00%, 02/15/54		1.90 %
7) State of Hawaii Airports System Revenue Series 2025-2 5.50%, 07/01/54		1.84 %
8) Metropolitan Washington Airports Authority Aviation Revenue Series 2025-2 5.50%, 10/01/55		1.84 %
9) Worthington City School District Series 2025-2 5.50%, 12/01/54		1.84 %
10) City of New York NY Series 2023 4.125%, 08/01/53		1.83 %
Sector/Industry Breakdown		Portfolio %
Revenue
Airport		13.53 %
Health Care - Not-for-Profit		11.11 %
Revenue - Miscellaneous		6.94 %
Toll Roads/Transit		5.82 %
Industrial Development - Airline		5.18 %
Prepay Energy		4.78 %
Primary/Secondary Ed. - Public		3.92 %
Higher Education - Private		3.83 %
Port		2.32 %
Industrial Development - Industry		2.00 %
Higher Education - Public		1.77 %
Electric Utility		1.47 %
Senior Living		1.34 %
Water & Sewer		0.80 %
Tobacco Securitization		0.30 %
Primary/Secondary Ed. - Private		0.17 %
SUBTOTAL		65.28 %
Tax Supported
Local G.O.		10.57 %
State G.O.		6.37 %
Special Tax		3.69 %
Local Lease		1.47 %
Assessment District		0.36 %
SUBTOTAL		22.46 %
Guaranteed		9.90 %
Asset-Backed
Housing - Multi-Family		1.02 %
SUBTOTAL		1.02 %
Commercial Mortgage-Backed Securities
Non-Agency Fixed Rate CMBS		0.85 %
SUBTOTAL		0.85 %
Cash & Cash Equivalents
Funds and Investment Trusts		0.47 %
SUBTOTAL		0.47 %
Prerefunded/ETM		0.02 %
Total		100.00 %
State Breakdown		Portfolio %
Texas		12.57 %
California		12.39 %
New York		8.34 %
Florida		7.89 %
Illinois		7.45 %
Massachusetts		6.21 %
Wisconsin		5.83 %
Georgia		4.55 %
Ohio		4.15 %
Pennsylvania		2.82 %
New Hampshire		2.61 %
District of Columbia		2.57 %
Oklahoma		2.31 %
Louisiana		2.28 %
Arizona		2.07 %
Colorado		1.94 %
Michigan		1.90 %
Hawaii		1.84 %
Minnesota		1.30 %
Alabama		0.97 %
Nebraska		0.95 %
Indiana		0.84 %
North Carolina		0.76 %
Virginia		0.76 %
South Carolina		0.69 %
Washington		0.69 %
Tennessee		0.52 %
Maryland		0.37 %
New Jersey		0.35 %
North Dakota		0.35 %
Arkansas		0.34 %
Oregon		0.24 %
Connecticut		0.20 %
Utah		0.18 %
Alaska		0.16 %
South Dakota		0.14 %
Other		0.47 %
Total Investments		100.00 %
Credit Quality Breakdown		Portfolio %
AAA		10.47 %
AA		39.77 %
A		18.76 %
BBB		18.92 %
BB		7.01 %
B		0.54 %
Not Rated		4.04 %
Pre-refunded Bonds		0.02 %
Short Term Investments		0.47 %
Total		100.00 %
Bonds by Maturity		Portfolio %
Less than 1 Year		0.62 %
1 to 5 Years		0.13 %
5 to 10 Years		2.56 %
10 to 20 Years		13.76 %
20 to 30 Years		64.35 %
More than 30 Years		18.58 %
Other		0.00 %
Total Net Assets		100.00 %
Portfolio Statistics:
AMT Percent:		23.81 %
Average Coupon:		5.32 %
Percentage of Leverage:
Bank Borrowing:		0.00 %
Investment Operations:		0.00 %
Auction Preferred Shares (APS):		0.00 %
Tender Option Bonds:		22.83 %
VMTP Shares:		0.00 %
VRDP Shares:		17.22 %
Total Fund Leverage:		40.05%*
Average Maturity:		12.72 Years
Effective Duration:		11.55 Years
Total Net Assets:		$353.27 Million**
Common Stock Net Asset Value:		$12.29
Total Number of Holdings:		176
Portfolio Turnover:		56.00 %
* The total percentage of leverage constitutes 22.83% through the use of tender option bonds, 17.22%
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-302722446.html

SOURCE AllianceBernstein National Municipal Income Fund, Inc.

FAQ

What are AllianceBernstein National Municipal Income Fund (AFB) total net assets and NAV as of Feb 28, 2026?

The fund reported Total Net Assets of $353.27 million and a NAV of $12.29 as of February 28, 2026. According to the company, these figures reflect the fund's reported assets and per-share net asset value at month-end.

How much leverage does AFB use and what components make up the 40.05% leverage?

AFB reported Total Fund Leverage of 40.05%, comprised of 22.83% via tender option bonds and 17.22% via VRDPs. According to the company, the remainder reflects no bank borrowings or investment operations at that date.

What is the credit quality and duration profile of AFB’s municipal portfolio on Feb 28, 2026?

The portfolio is weighted toward AA (39.77%) and A (18.76%) credits with an effective duration of 11.55 years. According to the company, the credit and duration metrics describe the fund's interest-rate sensitivity and credit mix at month-end.

Which sectors and states are largest in AFB’s portfolio as of Feb 28, 2026?

The largest sector is airport revenue at 13.53%, followed by health care not-for-profit at 11.11%. According to the company, top state exposures include Texas 12.57% and California 12.39% by portfolio weight.

What are AFB’s key portfolio statistics like average coupon, turnover and holdings count?

AFB reported an average coupon of 5.32%, portfolio turnover of 56%, and 176 total holdings as of Feb 28, 2026. According to the company, these statistics summarize income potential, trading activity, and diversification.

How concentrated are AFB’s top holdings and what are the largest positions?

AFB’s top 10 fixed-income holdings each range around 1.8%–3.7% of the portfolio, with the largest position at 3.71%. According to the company, holdings include municipal revenue bonds such as San Francisco Intl Airport Series 2026-2.