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AllianceBernstein National Municipal Income Fund Monthly Portfolio Update

On September 21, 2026, AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB) announced its monthly portfolio review as of August 31, 2026. This release provided valuable insights into the fund's current holdings, sector distributions, and credit quality metrics. Below, we will delve into the key highlights and figures from the report.

Top Holdings

The main focal point of the fund's portfolio was its top ten fixed-income holdings, which comprised a diverse range of investments spanning various sectors. The leading holding was the San Francisco International Airport Series 2026-2 with a weighted average of 3.76%. This was followed closely by the Melissa Independent School District Series 2024-2 and the Commonwealth of Massachusetts Series 2025-2, holding 2.13% and 2.02% of the portfolio respectively.

These top investments indicate a strategic emphasis on sectors like transportation and education, which often yield stable cash flows due to their essential nature.

Sector and Industry Breakdown

The fund's sector allocation also provides a glimpse into its strategic positioning. Notably, the segment focusing on revenues from airports constituted 15.71% of the portofolio, while health care and toll roads/transit sectors together represented a substantial 16.34%.

This distribution enhances the fund's resilience against variable market conditions by investing in sectors with historically lower volatility. Other notable allocations included industrial development and public education sectors, underscoring the fund's broad investment philosophy.

Geographic Distribution

When examining the geographic spread of investments, California emerged as the largest concentration area at 12.21%, followed by Texas and Florida, contributing 11.03% and 8.53% respectively. This diverse geographical investment strategy helps mitigate risks associated with regional economic fluctuations, a critical consideration given the current economic climate.

Credit Quality Portfolio

In terms of credit quality, the portfolio demonstrated a strong focus on investment-grade bonds, with AAA-rated and AA-rated securities representing 48.99% of total investments. This conservative approach indicates a commitment to safeguarding investors' capital while striving for reasonable returns.

Maturity Profile

The maturity profile of the portfolio also revealed a significant portion allocated to long-term securities, with 63.81% of the investments having maturities ranging from 20 to 30 years. Such long-term holdings can help in stabilizing cash flows over time while providing potential for capital appreciation as interest rates fluctuate.

Conclusion

The portfolio review by AllianceBernstein reflects a well-structured investment strategy, grounding itself in stable sectors with solid credit quality. As the market evolves, the fund remains strategically positioned to adapt while pursuing consistent income generation for its investors. Its diversified asset allocation and emphasis on long-term investments affirm its commitment to sustained performance and risk management.

For further information on the portfolio and specific holdings, please consult the full report or reach out to AllianceBernstein's investor relations team.