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AllianceBernstein National Municipal Income Fund's Monthly Update: May 2025

On June 23, 2025, AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB) unveiled its monthly portfolio update, highlighting the state of its investments as of May 31, 2025. This update offers a comprehensive overview of the Fund's asset allocation and performance in the municipal bond market, showcasing significant details that will interest investors and stakeholders alike.

Key Highlights from the Portfolio

Top Fixed-Income Holdings

The Fund's largest fixed-income investments reflect a diverse array of municipal bonds:
1. Lamar Consolidated Independent School District Series 2023-A (5.00%, 02/15/53) - 2.67%
2. Melissa Independent School District Series 2024-2 (4.25%, 02/01/53) - 2.03%
3. Commonwealth of Massachusetts Series 2025-2 (5.00%, 01/01/54) - 1.97%
4. Worthington City School District Series 2023 (5.50%, 12/01/54) - 1.84%
5. Public Authority for Colorado Energy Series 2008 (6.50%, 11/15/38) - 1.84%
6. New York Transportation Development Corp. Series 2024 Zero Coupon (12/31/54) - 1.83%
7. Dallas Independent School District Series 2024-2 (4.00%, 02/15/54) - 1.82%
8. State of Hawaii Airports System Revenue Series 2025-2 (5.00%, 07/01/54) - 1.82%
9. Greenwood Independent School District Series 2025-2 (5.50%, 02/15/49) - 1.81%
10. Rockwall Independent School District Series 2025-2 (5.00%, 02/15/54) - 1.79%

State Breakdown of Investments

The geographical distribution of the Fund’s investments reveals its strategic focus:

• - Texas - 19.38%
• - Florida - 8.75%
• - Illinois - 7.88%
• - Wisconsin - 6.49%
• - New York - 6.41%
• - The breakdown further highlights significant investments across multiple states including California, Massachusetts, and Ohio, ensuring a balanced portfolio across various regions.

Credit Quality Assessment

The Fund maintains a strong credit quality profile:

• - AAA - 17.94%
• - AA - 29.86%
• - A - 24.24%
• - BBB - 17.88%

The emphasis on higher-rated bonds underscores the Fund's commitment to safeguarding investor capital while providing sustainable returns.

Portfolio Statistics

• - Total Net Assets: $329.67 Million
• - Net Asset Value (NAV): $11.47
• - Average Maturity: 17.42 Years
• - Portfolio Turnover: 32.00%

These statistics highlight the Fund's overall size and commitment to maintaining an active investment strategy, allowing for adjustments based on market opportunities.

Investment Operations

The Fund employs various investment strategies to enhance returns, including:

• - Tender Option Bonds - 10.34%
• - VMTP Shares - 15.47%
• - VRDP Shares - 17.53%

Such diverse leveraging techniques serve to optimize the performance while managing risk effectively.

Conclusion

The latest portfolio update from AllianceBernstein National Municipal Income Fund, Inc. underscores the Fund's strategic focus on high-quality fixed-income securities within the municipal landscape. Investors looking for insights into municipal markets will find the Fund’s dedicated approach to portfolio management a compelling aspect of its investment strategy. As investment landscapes evolve, ongoing updates will continue to guide stakeholders toward informed decision-making in municipal bond investments.