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AllianceBernstein National Municipal Income Fund, Inc. Monthly Portfolio Update June 2025

On July 28, 2025, AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB) released its comprehensive portfolio update for the month ending June 30, 2025. This report provides insights into the Fund’s performance, focusing on its top fixed-income holdings, investment types, and geographic allocations.

Top 10 Fixed-Income Holdings

The Fund’s portfolio comprises various bonds, with the leading holdings characterized by their strong credit quality and consistent returns. As of June 30, 2025, the top 10 fixed-income assets are as follows:

1. Melissa Independent School District Series 2024-2 - 4.25%, due 02/01/53 - 1.97%
2. Commonwealth of Massachusetts Series 2025-2 - 5.00%, due 01/01/54 - 1.93%
3. Worthington City School District Series 2023 - 5.50%, due 12/01/54 - 1.80%
4. New York Transportation Development Corp. Series 2024 - Zero Coupon, due 12/31/54 - 1.80%
5. Metropolitan Washington Airports Authority Aviation Revenue Series 2025-A - 5.50%, due 10/01/55 - 1.79%
6. State of Hawaii Airports System Revenue Series 2025-2 - 5.50%, due 07/01/54 - 1.78%
7. Dallas Independent School District Series 2024-2 - 4.00%, due 02/15/54 - 1.77%
8. Greenwood Independent School District Series 2025-2 - 5.00%, due 02/15/49 - 1.76%
9. County of Miami-Dade FL Aviation Revenue Series 2025-A - 5.50%, due 10/01/55 - 1.76%
10. Leander Independent School District Series 2025-A - 5.00%, due 08/15/55 - 1.74%

Investment Type Breakdown

The portfolio is diversified across different investment types to manage risk and pursue yield. As of the latest update, the investment types are approximated as follows:

• - Fixed-Income Securities: Dominates the portfolio, ensuring stability and reliable income.

Geographic Diversification

In terms of geographical distribution, the Fund has notable allocations across several states:

• - Texas: 16.57%
• - Florida: 8.60%
• - Illinois: 8.08%
• - California: 7.57%
• - Wisconsin: 6.34%
• - New York: 6.27%
• - Massachusetts: 5.48%
• - Ohio: 4.02%
• - Colorado: 3.40%
• - Pennsylvania: 3.10%

With careful attention to credit quality, the Fund maintains a robust portfolio with the following credit ratings:

• - AAA: 15.13%
• - AA: 32.70%
• - A: 23.82%
• - BBB: 18.30%
• - BB: 6.83%
• - Not Rated: 2.69%

This careful credit quality management ensures that investors can expect a steady return in varying market conditions.

Maturity Profile

The maturity profile of the bonds held by the Fund indicates a long-term investment focus:

• - Less than 1 Year: 0.18%
• - 1 to 5 Years: 0.89%
• - 5 to 10 Years: 2.73%
• - 10 to 20 Years: 16.26%
• - 20 to 30 Years: 59.12%
• - More than 30 Years: 20.82%

Conclusion

The latest portfolio update from AllianceBernstein National Municipal Income Fund, Inc. reflects a well-diversified and strategically managed bond portfolio aimed at long-term stability and growth. As the Fund continues to adapt to changing market dynamics, it remains committed to delivering value to its investors. With a total net asset value of $331.36 million and a solid average maturity of 17.25 years, the Fund is well-positioned for the future. Investors and analysts alike will be watching closely to see how these positions evolve in the coming months.