#USA #New York #AllianceBernstein #National Municipal Income Fund #NYSE AFB

AllianceBernstein National Municipal Income Fund, Inc. Monthly Portfolio Update

Date Released: August 25, 2025
In its latest monthly update, the AllianceBernstein National Municipal Income Fund, Inc. (symbol: AFB) has provided insights into its portfolio as of July 31, 2025. This fund, which is actively managed and closed-end, primarily invests in municipal bonds, aiming to provide tax-exempt income.

Key Portfolio Highlights

Top Fixed-Income Holdings

During July 2025, the fund’s top ten fixed-income holdings were noteworthy:
1. Greenwood Independent School District Series 2024 - 5.00% coupon, maturing on 02/15/49 (3.67% of Portfolio)
2. Melissa Independent School District Series 2024-2 - 4.25% coupon, maturing on 02/01/53 (2.01%)
3. Commonwealth of Massachusetts Series 2024-A - 5.00% coupon, maturing on 01/01/54 (2.00%)
4. Worthington City School District Series 2023 - 5.50% coupon, maturing on 12/01/54 (1.86%)
5. Metropolitan Washington Airports Authority - 5.50% coupon, Aviation Revenue Series 2025-2, maturing on 10/01/55 (1.85%)
6. State of Hawaii Airports - 5.50% coupon, Series 2025-A, maturing on 07/01/54 (1.85%)
7. New York Transportation Development Corp. Series 2024 - Zero Coupon, maturing on 12/31/54 (1.84%)
8. Dallas Independent School District Series 2024-2 - 4.00% coupon, maturing on 02/15/54 (1.83%)
9. County of Miami-Dade FL - 5.50% coupon, Aviation Revenue Series 2025-A, maturing on 10/01/55 (1.82%)
10. Leander Independent School District Series 2025-A - 5.00% coupon, maturing on 08/15/55 (1.81%)

Investment Type Distribution

The investments in the fund are primarily focused on several key types:

• - Investment by State has highlighted Texas, Florida, and California as the leading regions for investment—Texas alone accounting for 17.67% of the portfolio.
• - Credit Quality Breakdown indicates a solid investment strategy focusing on higher-rated bonds, with 15.44% rated AAA and 31.01% rated AA.

Maturity Profile

The maturity profile of the portfolio shows a significant bias toward long-term holdings:

• - Over half of the portfolio is invested in bonds maturing in over 20 years, which forms a substantial 57.24% of the total investments. This strategy suggests a focus on long-term income generation through municipal bonds.

Portfolio Statistics

As of the reporting date, the total net assets stood at $322.75 million with a net asset value of $11.23. The turnover rate was recorded at 32.00%, showcasing the fund's active management approach.

Insights and Analysis

The portfolio maintained significant exposure to key states, notably Texas, Florida, and California, which are known for their growing populations and corresponding municipal needs. This positioning reinforces the strategy of investing in educational and airport systems, providing a measure of safety and potential income stability.

Overall, the investment strategy appears to respond to market needs while aiming for both stability and future growth, even amidst changing economic scenarios. Investors looking to balance yield with security in their portfolios may find the updates from AllianceBernstein National Municipal Income Fund insightful and relevant.

The data provided can be expected to evolve as market conditions shift, and the fund continues to make adjustments to its portfolio strategy accordingly.