--- title: "AllianceBernstein National Municipal Income Fund, Inc. RELEASES MONTHLY PORTFOLIO UPDATE | AFB Stock News" type: "News" locale: "en" url: "https://longbridge.com/en/news/280210083.md" description: "AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB) has released its monthly portfolio update as of February 28, 2026. The top holdings include San Francisco Intl Airport Series 2026-2 and Melissa Independent School District Series 2024-2. The portfolio is diversified across various sectors, with significant investments in airports and healthcare. The fund's total net assets amount to $353.27 million, with an average maturity of 12.72 years and an effective duration of 11.55 years. The fund employs a leverage strategy with a total fund leverage of 40.05%." datetime: "2026-03-23T12:06:00.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/280210083.md) - [en](https://longbridge.com/en/news/280210083.md) - [zh-HK](https://longbridge.com/zh-HK/news/280210083.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 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. 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