#USA #New York #AllianceBernstein #Portfolio Update #Municipal Income Fund

Overview of Portfolio Update

AllianceBernstein National Municipal Income Fund, Inc. (AFB) has revealed its monthly portfolio update dated July 31, 2026. This update provides critical insights into the fund's holdings, sector allocations, and other relevant financial metrics that reflect its investment strategy and performance.

Key Holdings

Among the top ten fixed-income securities within the fund, significant placements include:

1. San Francisco International Airport Series 2026-2 (5.50%) - 3.71%
2. Melissa Independent School District Series 2024-2 (4.25%) - 2.11%
3. Commonwealth of Massachusetts Series 2025-2 (5.00%) - 2.00%
4. New York Transportation Development Corp. Series 2024 Zero Coupon - 1.96%
5. Oklahoma Turnpike Authority Series 2023 (4.50%) - 1.93%
6. Dallas Independent School District Series 2024-2 (4.00%) - 1.87%
7. State of Hawaii Airports System Revenue Series 2025-2 - 1.85%
8. Worthington City School District Series 2025-2 - 1.85%
9. Metropolitan Washington Airports Authority Aviation Revenue Series 2025-2 (5.50%) - 1.85%
10. City of Atlanta GA Department of Aviation Series 2025-2 (5.50%) - 1.84%

This diverse array underscores the fund's commitment to supporting a wide range of essential services, from education to transportation.

Sector Breakdown

The fund's investments are diversified across various sectors, which include:

• - Revenue allocations make up 65.22%, with notable sectors such as airports (14.72%) and healthcare (10.30%).
• - Tax Supported segments account for 22.39%, featuring local general obligations and state government obligations.
• - Guaranteed investments form 9.89% of the portfolio, ensuring financial stability.
• - Additional segments include Asset-Backed investments at 1.80%, bolstering the fund's overall yield potential.

Geography of Investments

The fund's holdings are spread across various states, ensuring regional diversification. Major states include:

• - Texas (12.57%),
• - California (12.04%),
• - Florida (8.45%),
• - New York (8.30%),
• - Illinois (7.49%).

This geographical distribution aids in managing risk as it reduces dependency on any single market's performance.

Credit Quality

In terms of credit quality, the fund is robust, with:

• - AAA-rated securities comprising 10.45%,
• - AA at 39.31%,
• - A rated investments at 18.07%,
• - A mix of BBB rated (16.72%) and lower-rated bonds enabling a well-balanced risk profile.

Maturity Breakdown

Examining bond maturities reveals a strategic long-term investment approach:

• - 64.16% of bonds mature in 20 to 30 years, aligning with the fund's long-term capital growth strategy.
• - Short-term bonds comprise 0.32% wit less than a year to maturity, providing some liquidity.

Fund Statistics

As of now, the total net assets of the fund stand at $339.07 million with an average maturity of 14.04 years. The current net asset value per share is $11.80, reflecting the fund's valuation in the market. The portfolio turnover rate is noted at 56.00%, suggesting an active management strategy to capitalize on market opportunities.

Overall, the recent advancements in the portfolio reflect AllianceBernstein's commitment to prudent investment management, focusing on income generation and long-term capital appreciation. Investors and stakeholders can expect ongoing evaluations of their investments as the economic landscape continues to evolve. This monthly update highlights the transparency and proactive management style employed by AllianceBernstein in guiding the National Municipal Income Fund.