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AllianceBernstein National Municipal Income Fund Monthly Portfolio Update

On March 24, 2025, the AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB) unveiled its latest monthly portfolio update for February 28, 2025. This release provides insights into the fund's current holdings, sector distributions, and geographic allocations.

Key Fixed-Income Holdings

The portfolio showcases a range of notable fixed-income assets, with the top ten holdings reflecting a focus on educational institutions and government bodies. The highest holdings include:

1. Lamar Consolidated Independent School District Series 2024-2 5.00%, due 02/15/53 - 2.65%
2. City of New Orleans LA Series 2021-A 5.00%, due 12/01/46 - 2.61%
3. Greenwood Independent School District Series 2024 4.00%, due 02/15/54 - 2.26%
4. Melissa Independent School District Series 2024-2 4.25%, due 02/01/53 - 2.11%
5. Dallas Independent School District Series 2024-2 4.00%, due 02/15/54 - 1.91%
6. New York Transportation Development Corp. Series 2024 Zero Coupon, due 12/31/54 - 1.84%
7. Public Authority for Colorado Energy Series 2008 6.50%, due 11/15/38 - 1.83%
8. City of New York NY Series 2023 4.125%, due 08/01/53 - 1.82%
9. State of Hawaii Airports System Revenue Series 2025-A 5.50%, due 07/01/54 - 1.81%
10. County of Miami-Dade FL Aviation Revenue Series 2025-A 5.50%, due 10/01/55 - 1.79%

Sector Breakdown

The fund's investments are diversified across various sectors, with the following sector allocations:

• - Health Care - Not-for-Profit: 11.09%
• - Airport: 8.57%
• - Revenue - Miscellaneous: 8.19%
• - Prepay Energy: 7.22%
• - Industrial Development - Airline: 3.58%
• - Toll Roads/Transit: 3.56%
• - Higher Education - Private: 2.49%
• - Port: 2.33%
• - Primary/Secondary Ed. - Public: 2.30%
• - Water & Sewer: 2.13%
• - Industrial Development - Industry: 2.09%
• - Electric Utility: 2.05%
• - Tobacco Securitization: 1.83%
• - Senior Living: 0.95%
• - Industrial Development - Utility: 0.51%

Overall Portfolio Composition: The portfolio remains aggressive in its investment strategy, with 58.89% allocated to revenue-generating entities and 24.35% to tax-supported investments.

Geographic Allocation

A look at geographic exposure reveals a well-rounded investment strategy:

• - Texas: 17.81%
• - Illinois: 7.92%
• - Florida: 7.61%
• - New York: 7.35%
• - Wisconsin: 6.24%
• - California: 5.63%
• - Remaining states collectively comprise less than 5% per state.

Total Investments: The fund holds a well-balanced approach with 100% of its assets distributed across various states and credit quality types.

Credit Quality Breakdown

The fund emphasizes high-quality bonds, ensuring stability for investors:

• - AAA: 17.30%
• - AA: 29.08%
• - A: 26.43%
• - BBB: 16.78%
• - BB and lower: 6.64% collectively.

Maturity Distribution

The portfolio features a significant concentration in longer-maturity bonds, which can generate higher yields:

• - 20 to 30 Years: 60.63%
• - More than 30 Years: 13.70%
• - Shorter maturities account for just a fraction of overall holdings.

Fund Overview

The total net assets for the fund stand at $362.03 million, with a portfolio turnover rate of 32.00%. The average maturity of the portfolio is 11.70 years, highlighting a strategic approach to long-term investment.

AllianceBernstein L. P. manages the fund, utilizing various investment strategies to enhance returns while maintaining quality and risk management protocols.

This latest portfolio update from the AllianceBernstein National Municipal Income Fund illustrates a robust and strategically diversified investment approach designed to meet the needs of its investors while navigating the complexities of the municipal bond market.