AllianceBernstein National Municipal Income Fund Updates Portfolio as of January 31, 2026

Novel York, February 23, 2026 – AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB) announced its monthly portfolio update as of January 31, 2026, reporting total net assets of $347.52 million and a common stock Net Asset Value (NAV) of $12.09.

Portfolio Highlights

The fund’s portfolio demonstrates a focus on revenue-generating municipal bonds, with a significant allocation to airport-related debt. Key statistics include a portfolio leverage of 42.51%, an effective duration of 11.91 years, and an average maturity of 13.57 years.

Top 10 Fixed-Income Holdings

1. San Francisco Intl Airport Series 2026-2 5.50%, 05/01/55 – 3.69%
2. Melissa Independent School District Series 2024-2 4.25%, 02/01/53 – 2.13%
3. Commonwealth of Massachusetts Series 2025-2 5.00%, 01/01/54 – 1.99%
4. Oklahoma Turnpike Authority Series 2023 4.50%, 01/01/53 – 1.98%
5. New York Transportation Development Corp. Series 2024 Zero Coupon, 12/31/54 – 1.97%
6. Dallas Independent School District Series 2024-2 4.00%, 02/15/54 – 1.90%
7. Metropolitan Washington Airports Authority Aviation Revenue Series 2025-2 5.50%, 10/01/55 – 1.86%
8. State of Hawaii Airports System Revenue Series 2025-2 5.50%, 07/01/54 – 1.85%
9. Worthington City School District Series 2025-2 5.50%, 12/01/54 – 1.85%
10. City of Atlanta GA Department of Aviation Series 2025-2 5.50%, 07/01/55 – 1.83%

Sector and Industry Breakdown

• Revenue: 65.53% (Airport: 13.96%, Health Care – Not-for-Profit: 10.90%, Revenue – Miscellaneous: 6.95%, Toll Roads/Transit: 5.88%, Industrial Development – Airline: 5.18%, Prepay Energy: 4.78%, Higher Education – Private: 3.81%, Primary/Secondary Ed. – Public: 3.56%, Port: 2.62%, Industrial Development – Industry: 2.04%, Higher Education – Public: 1.77%, Electric Utility: 1.46%, Senior Living: 1.35%, Water & Sewer: 0.80%, Tobacco Securitization: 0.30%, Primary/Secondary Ed. – Private: 0.17%)
• Tax Supported: 22.45% (Local G.O.: 10.56%, State G.O.: 6.38%, Special Tax: 3.67%, Local Lease: 1.48%, Assessment District: 0.36%)
• Guaranteed: 9.95%
• Asset-Backed: 1.03% (Housing – Multi-Family: 1.03%)
• Commercial Mortgage-Backed Securities: 0.84% (Non-Agency Fixed Rate CMBS: 0.49%, Non-Agency Floating Rate CMBS: 0.35%)
• Cash & Cash Equivalents: 0.18%
• Prerefunded/ETM: 0.02%

State Breakdown

• Texas: 12.56%
• California: 12.42%
• New York: 7.96%
• Florida: 7.90%
• Illinois: 7.87%
• Massachusetts: 5.81%
• Wisconsin: 5.80%
• Georgia: 4.56%
• Ohio: 4.16%
• Pennsylvania: 3.00%
• District of Columbia: 2.59%
• New Hampshire: 2.48%
• Oklahoma: 2.37%
• Louisiana: 2.29%
• Arizona: 2.07%
• Colorado: 1.95%
• Michigan: 1.91%
• Hawaii: 1.85%
• 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%
• Alaska: 0.48%
• Maryland: 0.37%
• New Jersey: 0.36%
• Arkansas: 0.35%
• North Dakota: 0.35%
• Oregon: 0.24%
• Connecticut: 0.20%
• Utah: 0.18%
• South Dakota: 0.13%
• Other: 0.31%

Credit Quality Breakdown

• AAA: 10.51%
• AA: 39.85%
• A: 19.82%
• BBB: 18.16%
• BB: 6.66%
• B: 0.54%
• Not Rated: 4.26%
• Pre-refunded Bonds: 0.02%
• Short Term Investments: 0.18%

Bond Maturity

• Less than 1 Year: 0.32%
• 1 to 5 Years: 0.13%
• 5 to 10 Years: 2.57%
• 10 to 20 Years: 13.93%
• 20 to 30 Years: 64.11%
• More than 30 Years: 18.94%

Additional Portfolio Statistics

• AMT Percent: 22.49%
• Average Coupon: 5.02%
• Total Fund Leverage: 42.51%
• Average Maturity: 13.57 Years
• Effective Duration: 11.91 Years
• Total Number of Holdings: 175
• Portfolio Turnover: 56.00%

The fund also has $100,000,000 in outstanding VRDPs, which are not included in total net assets as they are treated as a liability for financial reporting purposes.