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AllianceBernstein National Municipal Income Fund, Inc. Monthly Update

On February 23, 2026, the AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB) published its monthly portfolio update, reflecting the status of its holdings as of January 31, 2026. This comprehensive report provides valuable insights into the fund's structure and performance metrics.

Top Holdings Overview

The fund has diversified investments, with the top 10 fixed-income holdings comprising a significant portion of its portfolio. The predominant assets are:

1. San Francisco Intl Airport Series 2026-2 at 5.50%, representing 3.69% of the portfolio.
2. Melissa Independent School District Series 2024-2 at 4.25%, accounting for 2.13% of the total.
3. Commonwealth of Massachusetts Series 2025-2 at 5.00%, making up 1.99%.
4. Oklahoma Turnpike Authority Series 2023 at 4.50%, with a share of 1.98%.
5. New York Transportation Development Corp. Series 2024 Zero Coupon, contributing 1.97%.

Additional significant holdings include various educational institutions, transportation revenue systems, and health care facilities, all mirroring the fund's strategic focus on municipal bonds.

Sector Breakdown

The fund's portfolio is methodically segmented across different sectors to optimize performance and minimize risk. The division includes:

• - Airport Revenue at 13.96%, emphasizing its focus on infrastructure.
• - Health Care (Not-for-Profit) at 10.90%, showcasing the commitment to essential community services.
• - Miscellaneous Revenue at 6.95%, providing a buffer against sector volatility.
• - Toll Roads/Transit and other areas like Higher Education and Electric Utility, rounding out the profile.

This calculated distribution across sectors reflects a balanced approach to managing both risk and opportunity in the current economic climate.

State Distribution

Examining the fund's geographical diversification, Texas leads with 12.56%, followed closely by California (12.42%) and New York (7.96%). Notable contributions from Florida, Illinois, and Massachusetts also highlight the fund's investment focus in economically vibrant states. This regional allocation not only enhances potential returns but also spreads risk across different local economies.

Credit Quality Assessment

In terms of credit quality, the portfolio demonstrates significant strength:

• - AAA-rated bonds constitute 10.51%, while AA and A ratings make up 39.85% and 19.82%, respectively.
• - Lower-rated bonds (BB and B) do exist within the portfolio but represent only a small fraction, emphasizing the fund's overall quality focus.

Maturity Structure

Examining the maturities of investments, the fund is heavily weighted toward long-term holdings:

• - 20 to 30 Years comprise an impressive 64.11%, aligning with a strategy focused on stable long-term cash flows.
• - Shorter maturities are minimal, indicating a long-term investment strategy to ride out market fluctuations.

Portfolio Performance Metrics

As of the report date, the total net assets of the fund stand at approximately $347.52 million, with a net asset value of $12.09 per share. Total Fund Leverage sits at 42.51%, indicative of various investment strategies employed to enhance yield while managing risk. The Average Maturity is recorded at nearly 13.57 years, denoting a commitment to long-standing, stable municipal investments.

Conclusion

The monthly update from AllianceBernstein National Municipal Income Fund, Inc. serves as a robust indicator of the fund's health and strategic direction. By maintaining a deliberate balance among sectors, geographical regions, and maturity schedules, the fund aims to continue delivering steady income while strategically navigating the complexities of municipal bond markets. Investors and stakeholders will be keenly interested in the continued evolution of this portfolio as economic conditions evolve and opportunities arise.