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AllianceBernstein National Municipal Income Fund Monthly Portfolio Overview

On May 22, 2026, the AllianceBernstein National Municipal Income Fund, Inc. [NYSE: AFB] announced its monthly portfolio update for April 30, 2026. This report provides an insight into the Fund’s performance and holdings, with a special focus on its top fixed-income investments, sector, and geographic distributions.

Top 10 Fixed-Income Holdings

The Fund’s strongest contributors to its portfolio are:
1. San Francisco International Airport Series 2026-2: 5.50%, due on 05/01/55 - 3.72%
2. Melissa Independent School District Series 2024-2: 4.25%, due on 02/01/53 - 2.16%
3. Commonwealth of Massachusetts Series 2025-2: 5.00%, due on 01/01/54 - 2.00%
4. Oklahoma Turnpike Authority Series 2023: 4.50%, due on 01/01/53 - 1.97%
5. New York Transportation Development Corporation Series 2024: Zero Coupon, due on 12/31/54 - 1.96%
6. Dallas Independent School District Series 2024-2: 4.00%, due on 02/15/54 - 1.91%
7. State of Hawaii Airports System Revenue Series 2025-2: 5.50%, due on 07/01/54 - 1.87%
8. City of Atlanta GA Department of Aviation Series 2025-2: 5.50%, due on 07/01/55 - 1.86%
9. Worthington City School District Series 2025-2: 5.50%, due on 12/01/54 - 1.85%
10. Metropolitan Washington Airports Authority Aviation Revenue Series 2025-2: 5.50%, due on 10/01/55 - 1.85%

By focusing on essential infrastructure bonds, the fund underscores its commitment to building a resilient portfolio.

Sector/Industry Breakdown

The Fund diversified its assets across various sectors, as detailed below:

• - Airport Revenue: 13.65%
• - Health Care - Not-for-Profit: 11.04%
• - Miscellaneous Revenue: 7.51%
• - Toll Roads/Transit: 5.89%
• - Industrial Development - Airline: 5.17%

The focus of the portfolio indicates a strategic approach to capturing growth in essential services, emphasizing revenue-generating assets that ensure stable cash flows.

State Breakdown

Geographically, the Fund’s investments are primarily focused in:

• - Texas: 13.63%
• - California: 12.22%
• - New York: 8.31%
• - Florida: 7.93%
• - Illinois: 7.87%

The diversity in state investments helps manage risk while optimizing return opportunities, especially in states with robust economic development initiatives.

Credit Quality and Bond Maturity

In terms of credit quality:

• - AAA: 10.57%
• - AA: 41.44%
• - A: 17.46%
• - BBB: 17.26%

The Fund adopts a cautious investment strategy, predominantly investing in high-quality bonds. The maturity profile illustrates investment longevity:

• - Less than 1 Year: 0.57%
• - 1 to 5 Years: 0.13%
• - 20 to 30 Years: 63.48%

Longer maturities provide enhanced yield, aligning with the Fund’s investment goals.

Portfolio Statistics

• - Total Net Assets: $345.32 Million
• - Average Coupon: 4.77%
• - Portfolio Turnover: 56.00%

Through its monthly updates, AllianceBernstein National Municipal Income Fund underscores its dedication to transparency and strategic asset management, continually striving to offer value to its investors. Stay tuned for more insights and developments as the fund navigates the investment landscape.