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AllianceBernstein National Municipal Income Fund's Monthly Portfolio Update

The AllianceBernstein National Municipal Income Fund, Inc., traded on the NYSE under the symbol AFB, has released its monthly portfolio update covering the period ending August 31, 2025. This essential insight provides investors with a snapshot of the fund's holdings, allocations across various sectors, and other critical financial metrics. Understanding these updates is crucial for stakeholders looking to gauge the fund’s performance and overall investment strategy.

Top 10 Fixed-Income Holdings

The fund's top ten fixed-income holdings are as follows:
1. Melissa Independent School District Series 2024-2 (4.25%), maturing on 02/01/53 - holding 2.02%
2. Commonwealth of Massachusetts Series 2024-A (5.00%), maturing on 01/01/54 - holding 1.99%
3. Oklahoma Turnpike Authority Series 2023 (4.50%), maturing on 01/01/53 - holding 1.88%
4. Worthington City School District Series 2023 (5.50%), maturing on 12/01/54 - holding 1.85%
5. Metropolitan Washington Airports Authority Aviation Revenue Series 2025-2 (5.50%), maturing on 10/01/55 - holding 1.84%
6. State of Hawaii Airports System Revenue Series 2025-A (5.50%), maturing on 07/01/54 - holding 1.83%
7. Dallas Independent School District Series 2024-2 (4.00%), maturing on 02/15/54 - holding 1.82%
8. County of Miami-Dade FL Aviation Revenue Series 2025-A (5.50%), maturing on 10/01/55 - holding 1.82%
9. Greenwood Independent School District Series 2024 (5.00%), maturing on 02/15/49 - holding 1.81%
10. Leander Independent School District Series 2025-A (5.00%), maturing on 08/15/55 - holding 1.80%

This distribution demonstrates the fund's focus on stable and reliable income-generating investments in the municipal sector, particularly within the educational and transportation realms.

Investment Distribution by State

The fund's portfolio is diversified across various states, which is crucial as it mitigates risk associated with localized economic downturns. Here’s a breakdown of the significant investments by state:

• - Texas: 14.22%
• - California: 9.49%
• - Florida: 9.43%
• - Illinois: 9.20%
• - Wisconsin: 7.00%
• - New York: 6.27%
• - Massachusetts: 5.76%
• - Ohio: 4.11%
• - Pennsylvania: 3.21%
• - South Carolina: 2.86%

The fund is heavily invested in Texas, which could align with the state’s robust municipal bond market and its economic stability.

Net Currency Exposure and Credit Quality

The fund maintains a 100% exposure in U.S. dollars, further aligning its investments with domestic municipal bonds. In terms of credit quality, the following breakdown is noteworthy:

• - AAA: 12.02%
• - AA: 36.20%
• - A: 25.02%
• - BBB: 15.62%
• - BB: 7.04%
• - B: 0.53%
• - Not Rated: 3.55%

This robust credit quality spectrum speaks to the fund's conservative investment strategy, aiming for stability and reduced risk exposure while providing income.

Maturity Schedule

The average maturity of the portfolio stands at approximately 17.67 years, with a considerable percentage (59.89%) of investments maturing in the 20 to 30-year range. This long-duration profile can be advantageous in a low-interest-rate environment, providing stable income over an extended period.

Conclusion

The AllianceBernstein National Municipal Income Fund's monthly portfolio update is a vital resource for investors seeking insights into its operational strategies and economic positioning. With a diversified approach, significant holdings in key municipal bonds, and a proactive management team, the Fund continues to be an appealing option for those focused on stable income through municipal investment.

The data and analysis provided in this update empower investors to make informed decisions and better understand the dynamics of their investments in municipal debt markets.