#United States #New York #AllianceBernstein #Portfolio Update #Municipal Income Fund

AllianceBernstein National Municipal Income Fund Portfolio Update

On October 27, 2025, the AllianceBernstein National Municipal Income Fund, Inc., traded on the NYSE under the symbol AFB, announced the release of its monthly portfolio update, reflecting its status as of September 30, 2025. This update highlights the fund's significant fixed-income holdings, sector distribution, geographic breakdown, and credit quality metrics.

Top Fixed-Income Holdings

The report lists the fund’s ten largest fixed-income holdings, which are crucial to understanding its investment strategy:

1. Melissa Independent School District Series 2024-2 - 4.25%, due on 02/01/53, accounts for 2.12% of the portfolio.
2. Commonwealth of Massachusetts Series 2024-A - 5.00%, due on 01/01/54, makes up 2.01% of the assets.
3. Oklahoma Turnpike Authority Series 2023 - 4.50%, due on 01/01/53, contributing 1.96%.
4. Dallas Independent School District Series 2024-2 - 4.00%, due on 02/15/54, at 1.91%.
5. New York Transportation Development Corporation - Zero Coupon due on 12/31/54, constituting 1.88%.
6. Metropolitan Washington Airports Authority Aviation Revenue Series 2025-2 - 5.50%, due on 10/01/55 at 1.86%.
7. State of Hawaii Airports System Revenue Series 2025-A - 5.50%, due on 07/01/54.
8. Worthington City School District Series 2023 - 5.50%, due on 12/01/54.
9. City of Atlanta GA Department of Aviation Series 2025-B - 5.50%, due on 07/01/55.
10. County of Miami-Dade FL Aviation Revenue Series 2025-A - 5.50%, with a due date of 10/01/55.

These top holdings indicate a strong focus on educational institutions and infrastructure, which are often viewed as stable investments in the municipal bond space.

Sector and Industry Breakdown

The fund's investments are diversified across various sectors, with the following highlights:

• - Health Care - Not-for-Profit accounts for the largest percentage at 13.55%.
• - Airport revenue investment comprises 10.30%.
• - Other significant sectors include miscellaneous revenues (8.66%) and toll roads/transit (5.49%).

The breakdown demonstrates the fund's dedication to supporting essential services and infrastructures that provide reliable returns, particularly in times of economic uncertainty.

Geographic Distribution

Texas stands out as the leading state with the highest portfolio allocation at 14.43%, followed by California (9.11%), Florida (8.51%), and other key states like Illinois, Wisconsin, and New York. This geographic diversity mitigates regional risks and provides a broader net for performance gains.

Credit Quality Assessment

The credit quality breakdown reveals a well-structured portfolio, with AAA rated securities making up 12.33%. A significant share of AA rated bonds (38.27%) indicates a strong credit quality focus, while assets rated A, BBB, and below adhere to a cautious investment approach, minimizing potential risks.

Maturity Profile

The fund’s holdings are strategically allocated across different maturities:

• - 60.94% of the investments are in bonds maturing in 20 to 30 years, ensuring long-term stability.
• - This strategy highlights the fund's approach to maintaining consistent cash flow to meet its obligations and optimize returns over time.

Conclusion

The monthly portfolio update from AllianceBernstein National Municipal Income Fund, Inc. showcases a meticulously managed fund focused on producing stable returns through a diverse range of fixed-income securities. With a balanced approach across various sectors, strong credit ratings, and a broad geographic footprint, the fund remains a robust option for investors looking at municipal bonds. As the market continues to evolve, it's essential for existing and potential investors to stay updated with such insightful reports to make informed investment decisions.