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AllianceBernstein National Municipal Income Fund, Inc. Portfolio Update

AllianceBernstein National Municipal Income Fund, Inc., listed on the NYSE as AFB, has recently published its latest portfolio update as of March 31, 2026. This monthly overview is critical for investors who are monitoring financial allocations and strategies undertaken by the fund.

Top Holdings Overview

The fund's portfolio showcases a diverse array of fixed-income holdings, crucial for maintaining stability and returns. The top ten holdings represent a mix of municipal bonds linked to various sectors, emphasizing the fund's commitment to supporting public infrastructure. Here are the top three:

1. San Francisco International Airport Series 2026-2 (5.50%, 05/01/55): This bond represents 3.68% of the portfolio, reflecting a strong investment in critical transportation infrastructure.
2. Melissa Independent School District Series 2024-2 (4.25%, 02/01/53): At 2.09%, this holding underscores the fund's investment in education.
3. Commonwealth of Massachusetts Series 2025-2 (5.00%, 01/01/54): Comprising 1.98% of the portfolio, this bond demonstrates the fund's strategic positioning in state-level projects.

Sector and Industry Composition

Examining the portfolio by sector reveals a balanced approach to risk and return. The leading sectors include:

• - Airports (13.48%): Dominating the portfolio, highlighting a focus on revenue-generating projects.
• - Health Care - Not-for-Profit (10.98%): This allocation indicates a strong commitment to supporting community health initiatives.
• - Toll Roads/Transit (5.73%): Important for understanding civic infrastructure investments.

The fund also displays holdings in education, both public and private, signaling a comprehensive strategy for investing in community-centric projects.

Geographical Breakdown

Investors would also find the state breakdown insightful:

• - Texas (13.45%) and California (12.18%) lead the geographical holdings, indicative of substantial investments in populous states with ongoing developmental needs.
• - Other states like New York, Florida, and Illinois follow closely, emphasizing urban infrastructure and service improvements.

Credit Quality and Maturity Structure

The fund's approach to credit quality is strategic, with a major portion allocated as follows:

• - AAA (10.33%) and AA (40.38%) ratings dominate, signaling conservative risk management practices.
• - In terms of maturity, over 63% of holdings are in bonds with maturities spanning 20-30 years, indicating a long-term investment vision.

Portfolio Statistics

With total net assets reported at $338.21 Million, the fund continues to operate effectively with an average coupon of 5.09%. The effective duration stands at 12.60 years, allowing investors to gauge the sensitivity of the portfolio to interest rate changes.

Conclusion

The March 2026 update from AllianceBernstein National Municipal Income Fund, Inc. provides valuable insights into the fund's investment strategies and portfolio allocations, inviting both potential investors and market analysts to assess its future performance in a dynamic economic environment. The detailed analysis not only reflects the fund's strengths in municipal investments but also its strategic positioning towards sustainable community development.