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AllianceBernstein National Municipal Income Fund Portfolio Update

On June 22, 2026, the AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB) made headlines with the release of its monthly portfolio update, reflecting the fund's status as of May 31, 2026. As activities in the municipal finance market continue, this update provides crucial insights for investors and stakeholders alike.

Top Holdings and Insights

The Fund has strategically positioned itself across several sectors, with its top ten fixed-income holdings reflecting a diverse portfolio:
1. San Francisco International Airport Series 2026-2 (5.50%, due 05/01/55) - 3.69%
2. Melissa Independent School District Series 2024-2 (4.25%, due 02/01/53) - 2.14%
3. Commonwealth of Massachusetts Series 2025-2 (5.00%, due 01/01/54) - 1.99%
4. New York Transportation Development Corp. (Series 2024 Zero Coupon) - 1.96%
5. Oklahoma Turnpike Authority Series 2023 (4.50%, due 01/01/53) - 1.96%
6. Dallas Independent School District Series 2024-2 (4.00%, due 02/15/54) - 1.89%
7. State of Hawaii Airports System Revenue Series 2025-2 (5.50%, due 07/01/54) - 1.85%
8. City of Atlanta GA Department of Aviation Series 2025-2 (5.50%, due 07/01/55) - 1.85%
9. Metropolitan Washington Airports Authority Aviation Revenue Series 2025-2 (5.50%, due 10/01/55) - 1.85%
10. Worthington City School District Series 2025-2 (5.50%, due 12/01/54) - 1.84%

These holdings illustrate the fund's commitment to supporting essential infrastructure and educational institutions across various states, showcasing a mix of revenue and tax-supported bonds.

Sector Distribution

The portfolio's sector breakdown further underscores its diversity:

• - Airport Revenue: 14.86%
• - Health Care - Not-for-Profit: 11.02%
• - Revenue - Miscellaneous: 7.04%
• - Toll Roads/Transit: 5.88%

This distribution indicates a well-rounded exposure to critical service sectors that have strong support for bond issuance and revenue generation.

State Allocations

Florida, California, and Texas dominate the geographic focus of the Fund:

• - Texas: 12.60%
• - California: 12.38%
• - New York: 8.30%

This strategic allocation helps mitigate risks while taking advantage of varying economic conditions across these key states.

Credit Ratings and Maturities

In terms of credit quality, the fund maintains prudent management with the following breakdown:

• - AAA: 10.47%
• - AA: 39.86%
• - A: 18.41%

This high percentage of AA-rated and above securities suggests a predominantly stable portfolio geared towards long-term performance.

Regarding bond maturities, the portfolio is heavily weighted towards longer-term bonds:

• - 20 to 30 Years: 63.93%

This maturity structure generally offers higher yields, benefiting long-term investors while exposing them to interest rate movements.

Performance Summary

As of now, the fund's total net assets stand at approximately $347.05 million, with a reported common stock net asset value of $12.07. The average coupon rate of the portfolio is 5.97%, reflecting the attractive income potential for investors. However, investors should note the 42.65% leverage utilized in the fund, with a major part derived from tender option bonds and VRDPs (Variable Rate Demand Preferreds).

Conclusion

The AllianceBernstein National Municipal Income Fund, Inc. continues to offer investors a compelling opportunity in the bond market, reflecting a well-structured portfolio focused on essential services and infrastructure. This update highlights the fund's strategic approach to generating stable, long-term returns while effectively managing credit and interest rate risk. Investors are encouraged to keep a close watch on future updates as the fund adapts to an evolving economic landscape.