AllianceBernstein National Municipal Income Fund, Inc.
Top 10 Fixed-Income Holdings
Portfolio %
1) Lamar Consolidated Independent School District Series 2024-2 5.00%, 02/15/53
2.67 %
2) City of New Orleans LA Series 2021-A 5.00%, 12/01/46
2.64 %
3) Prosper Independent School District Series 2024 4.00%, 02/15/54
2.42 %
4) Greenwood Independent School District Series 2024 4.00%, 02/15/54
2.27 %
5) Melissa Independent School District Series 2024-2 4.25%, 02/01/53
2.13 %
6) Dallas Independent School District Series 2024-2 4.00%, 02/15/54
1.95 %
7) City of New York NY Series 2023 4.125%, 08/01/53
1.84 %
8) New York Transportation Development Corp. Series 2024 1.00%, 12/31/54
1.83 %
9) Public Authority for Colorado Energy Series 2008 6.50%, 11/15/38
1.81 %
10) Denton Independent School District Series 2024-2 5.00%, 08/15/48
1.80 %
Sector/Industry Breakdown
Portfolio %
Revenue
Health Care – Not-for-Profit
10.67 %
Revenue – Miscellaneous
7.62 %
Prepay Energy
7.18 %
Airport
6.18 %
Industrial Development – Airline
3.56 %
Toll Roads/Transit
3.24 %
Industrial Development – Industry
2.43 %
Higher Education – Private
2.17 %
Water & Sewer
2.13 %
Electric Utility
2.06 %
Tobacco Securitization
1.85 %
Port
1.83 %
Primary/Secondary Ed. – Public
1.77 %
Senior Living
0.95 %
Industrial Development – Utility
0.51 %
SUBTOTAL
54.15 %
Tax Supported
Local G.O.
16.13 %
State G.O.
6.00 %
Special Tax
4.97 %
Assessment District
0.17 %
SUBTOTAL
27.27 %
Guaranteed
15.34 %
Prerefunded/ETM
2.06 %
Asset-Backed
Housing – Multi-Family
1.09 %
SUBTOTAL
1.09 %
Cash & Cash Equivalents
Funds and Investment Trusts
0.09 %
SUBTOTAL
0.09 %
Total
100.00 %
State Breakdown
Portfolio %
Texas
19.18 %
Illinois
8.73 %
New York
7.71 %
Florida
7.29 %
California
5.47 %
Wisconsin
5.02 %
Michigan
4.48 %
South Carolina
4.42 %
Massachusetts
3.82 %
Pennsylvania
3.56 %
New Jersey
2.70 %
Louisiana
2.64 %
Colorado
2.38 %
Arizona
1.95 %
Washington
1.86 %
Alabama
1.78 %
Ohio
1.76 %
Nebraska
1.59 %
Nevada
1.51 %
Georgia
1.32 %
Oklahoma
1.19 %
New Hampshire
1.13 %
Minnesota
1.12 %
Iowa
0.95 %
Virginia
0.87 %
Indiana
0.84 %
Utah
0.77 %
North Carolina
0.75 %
Tennessee
0.52 %
North Dakota
0.43 %
Puerto Rico
0.42 %
Maryland
0.37 %
Arkansas
0.33 %
Oregon
0.22 %
Connecticut
0.19 %
Alaska
0.18 %
South Dakota
0.13 %
Other
0.42 %
Total Investments
100.00 %
Credit Quality Breakdown
Portfolio %
AAA
18.58 %
AA
29.86 %
A
25.06 %
BBB
16.90 %
BB
4.51 %
B
0.47 %
Not Rated
2.47 %
Pre-refunded Bonds
2.06 %
Short Term Investments
0.09 %
Total
100.00 %
Bonds by Maturity
Portfolio %
Less than 1 Year
1.36 %
1 To 5 Years
3.28 %
5 To 10 Years
4.89 %
10 To 20 Years
18.85 %
20 To 30 Years
55.94 %
More than 30 Years
15.68 %
Other
0.00 %
Total Net Assets
100.00 %
Portfolio Statistics:
AMT Percent:
15.22 %
Average Coupon:
4.55 %
Percentage of Leverage:
Bank Borrowing:
0.00 %
Investment Operations:
1.38 %
Auction Preferred Shares (APS):
0.00 %
Tender Option Bonds:
7.35 %
VMTP Shares:
14.77 %
VRDP Shares:
16.73 %
Total Fund Leverage:
40.23%*
Average Maturity:
11.53 Years
Effective Duration:
8.92 Years
Total Net Assets:
$361.43 Million**
Common Stock Net Asset Value:
$12.57
Total Number of Holdings:
166
Portfolio Turnover:
55.00 %
* The total percentage of leverage constitutes 7.35% through the use of tender option bonds, 14.77%
in issued and outstanding VMTPs, 16.73% in issued and outstanding VRDPs and 1.38% in investment
operations, which may include the use of certain portfolio management techniques such as credit default
swaps, dollar rolls, negative cash, reverse repurchase agreements and when-issued securities.
** The Fund also had outstanding $88,275,000 of VMTPs at liquidation value, which is not included
in Total Net Assets because it is treated as a liability for financial reporting purposes.
** The Fund also had outstanding $100,000,000 of VRDPs at liquidation value, which is not included
in Total Net Assets because it is treated as a liability for financial reporting purposes.
The foregoing portfolio characteristics are as of the date indicated and can be expected to change. The
Fund is a closed-end U.S.-registered management investment company advised by AllianceBernstein L. P.