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Monthly Portfolio Update by AllianceBernstein National Municipal Income Fund

On July 27, 2026, the AllianceBernstein National Municipal Income Fund, Inc., trading under NYSE: AFB, released its portfolio update for the month ending June 30, 2026. This report highlights the fund's investment strategies and its significant holdings in the current market, offering insights to investors about the fund’s performance and composition.

Overview of Portfolio Holdings

The portfolio comprises a diverse set of fixed-income securities, with the top ten fixed-income holdings prominently featuring:

1. San Francisco International Airport Series 2026-2 (5.50%, 05/01/55) - 3.70%
2. Melissa Independent School District Series 2024-2 (4.25%, 02/01/53) - 2.16%
3. New York Transportation Development Corp. Series 2024 Zero Coupon (12/31/54) - 2.00%
4. Commonwealth of Massachusetts Series 2025-2 (5.00%, 01/01/54) - 1.98%
5. Oklahoma Turnpike Authority Series 2023 (4.50%, 01/01/53) - 1.94%
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) - 1.85%
8. Metropolitan Washington Airports Authority Aviation Revenue Series 2025-2 (5.50%, 10/01/55) - 1.84%
9. City of Atlanta GA Department of Aviation Series 2025-2 (5.50%, 07/01/55) - 1.84%
10. Worthington City School District Series 2025-2 (5.50%, 12/01/54) - 1.84%

These holdings indicate a strong focus on revenue-generating entities such as schools and transportation projects, providing capital reliability in a stable income fund.

Sector Breakdown Analysis

The fund's investments span various sectors, notably:

• - Airports (14.61%)
• - Not-for-Profit Health Care (10.97%)
• - Miscellaneous Revenue (7.02%)
• - Toll Roads/Transit (5.83%)
• - Public Education (Primary/Secondary) (4.29%)

This diverse allocation allows investors exposure to several revenue streams, minimizing risk.

Geographic and Credit Quality Distribution

In terms of state distribution, the fund is heavily invested in:

• - Texas (12.61%)
• - California (12.01%)
• - Florida (8.40%)

These states represent a substantial portion of the fund’s limit on geographic concentration.

The fund also maintains a solid credit quality breakdown:

• - AAA rated investments account for 10.50%
• - AA rated holdings make up 39.56%

This high percentage of quality investments showcases the fund's commitment to maintaining sound financial practices.

Maturity and Duration

The portfolio's average maturity stands at 11.29 years, and the effective duration is reported at 10.59 years. This duration strategy suggests that the fund tends to favor longer-term investments, which can often provide higher yields.

Investor Insights and Expectations

As of the last report, the total net assets were calculated at $352.92 million, and the fund had a total of 185 holdings. Portfolio turnover was observed at 56.00%.
The fund is also leveraging investment strategies, with a total fund leverage percentage reported at 40.33%. These insights are vital for potential investors to gauge risk and performance metrics based on their investment objectives.

As market conditions continue to fluctuate, the AllianceBernstein National Municipal Income Fund remains committed to providing updates to its stakeholders, ensuring transparency and effective communication about the portfolio's evolution and strategy moving forward.

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In conclusion, this monthly update reflects the fund's strategic focus on building a diverse asset base with a solid grounding in municipal securities. Investors are encouraged to monitor these updates closely to stay informed about their investments and the fund's overall direction.