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AllianceBernstein National Municipal Income Fund October Monthly Update

On November 24, 2025, AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB) revealed its monthly portfolio update for the month ending October 31, 2025. This report provides crucial insights into the fund's investment strategies, progress, and key holdings within its municipal bond portfolio.

Top Ten Holdings

The fund's portfolio demonstrates a diverse range of investments aimed at stability and growth. The top ten fixed-income holdings are as follows:
1. Melissa Independent School District Series 2024-2 4.25% - Maturity date: 02/01/53 (2.15%)
2. Commonwealth of Massachusetts Series 2025-2 5.00% - Maturity date: 01/01/54 (1.99%)
3. Oklahoma Turnpike Authority Series 2023 4.50% - Maturity date: 01/01/53 (1.94%)
4. Dallas Independent School District Series 2024-2 4.00% - Maturity date: 02/15/54 (1.93%)
5. New York Transportation Development Corp. Series 2024 Zero Coupon - Maturity date: 12/31/54 (1.90%)
6. State of Hawaii Airports System Revenue Series 2025-2 5.50% - Maturity date: 07/01/54 (1.86%)
7. Metropolitan Washington Airports Authority Aviation Revenue Series 2025-2 5.50% - Maturity date: 10/01/55 (1.86%)
8. Worthington City School District Series 2025-2 5.50% - Maturity date: 12/01/54 (1.84%)
9. City of Atlanta GA Department of Aviation Series 2025-2 5.50% - Maturity date: 07/01/55 (1.84%)
10. County of Miami-Dade FL Aviation Revenue Series 2025-2 5.50% - Maturity date: 10/01/55 (1.83%)

These top holdings collectively reflect the fund's strategy to invest in various sectors, including education, transportation, and healthcare.

Sector Breakdown

Delving deeper into its investment strategy, the fund has allocated resources across various sectors:

• - Healthcare - Not-for-Profit: 13.30%
• - Airport Revenue: 10.25%
• - Revenue - Miscellaneous: 7.66%
• - Toll Roads/Transit: 5.46%
• - Prepay Energy: 4.70%
• - Public Education (Primary/Secondary): 3.50%

This diversification aims at balancing risk while maximizing returns through targeted investments in essential services and community-focused projects.

State Exposure

The geographical distribution of the fund for this month is notably expansive:

• - Texas: 14.43%
• - California: 8.72%
• - Florida: 8.50%
• - Illinois: 8.11%
• - New York: 6.89%

The fund's strategy incorporates a significant presence in states with robust economic fundamentals and population growth, which in turn, enhances the credit quality of its holdings.

Credit Quality and Maturity

Examining the credit quality, the portfolio shows a solid diversification of ratings:

• - AAA: 12.35%
• - AA: 38.89%
• - A: 19.87%

Moreover, around 65.28% of the fund is invested in bonds maturing in 20 to 30 years, which typically offers more stable returns over the long run.

With total net assets amounting to $350.77 million, the fund is positioned to leverage effective management practices, navigating both risks and opportunities in the municipal bond market.

Conclusion

In this latest update, AllianceBernstein National Municipal Income Fund continues to showcase its commitment to providing investors with a diversified and stable portfolio. The focus remains on long-term growth while ensuring that essential public services remain funded through bond investments. As the landscape evolves, the fund is set to adapt and innovate, providing safety and returns for its investors.