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Portfolio Update from AllianceBernstein

On December 29, 2025, the AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB) shared its monthly portfolio update, elucidating the fund's strategic investment activities as of November 30, 2025. This update serves as a vital resource for investors looking to gauge the fund's performance and investment direction within the municipal income sector.

Overview of Top Holdings

The portfolio features a range of fixed-income securities, with the top ten holdings representing significant stakes. Leading the list is the Melissa Independent School District Series 2024-2 with a 4.25% coupon, followed closely by the Commonwealth of Massachusetts Series 2025-2 at 5.00%. Other notable investments include bonds from the Oklahoma Turnpike Authority and the New York Transportation Development Corporation. The diversity in these holdings underscores the fund's commitment to investing in reliable and strategically positioned municipal bonds.

Sector Allocation Insights

The allocation across various sectors highlights Health Care (Not-for-Profit) as a leading category, capturing 13.42% of the portfolio. Other significant sectors include Airport Revenues at 10.28% and Miscellaneous Revenues at 7.20%. This insight into sector distribution reveals how the fund's strategy is positioned towards both essential services and infrastructure, promoting a balanced and resilient investment approach. Below is a concise view of the sector allocation:

State Distribution of Investments

Geographically, the fund's investments are heavily weighted in states like Texas (14.45%), California (8.95%), and Florida (8.58%). This geographical diversification can provide a hedge against regional economic fluctuations, a significant factor for any investment strategy focusing on stability and growth in the municipal sector.

Credit Quality and Maturity

In terms of credit quality, the fund shows a robust focus on higher-rated securities, with AAA rated securities making up 12.40% of the portfolio. Moreover, the maturity profile suggests a long-term investment strategy, with 65.74% of the bonds maturing in 20 to 30 years. This strategic duration aligns with municipal bonds' typical longevity and income generation potential, further reinforcing the fund's stability.


The fund's detailed portfolio allocation sheds light on its comprehensive investment strategy that balances risk across various sectors and credit qualities, serving as a coherent guide for both potential and existing investors. Through its ongoing efforts to monitor, adjust, and update its portfolio, AllianceBernstein continues to position itself as a leader in the municipal bond market, committed to delivering value through well-informed investment choices.

Conclusion

Overall, the AllianceBernstein National Municipal Income Fund's monthly portfolio update serves as a testament to its proficient management and strategic foresight in navigating the complexities of the municipal bond landscape. With careful selection of securities and a focus on long-term stability, the fund remains a compelling option for investors interested in municipal income.