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
2.72 %
2) City of New Orleans LA Series 2021-A 5.00%, 12/01/46
2.67 %
3) Prosper Independent School District Series 2024 4.00%, 02/15/54
2.44 %
4) Greenwood Independent School District Series 2024 4.00%, 02/15/54
2.31 %
5) Melissa Independent School District Series 2024-2 4.25%, 02/01/53
2.20 %
6) Dallas Independent School District Series 2024-2 4.00%, 02/15/54
1.96 %
7) City of New York NY Series 2023 4.125%, 08/01/53
1.89 %
8) New York Transportation Development Corp. Series 2024 Zero Coupon, 12/31/54
1.84 %
9) Public Authority for Colorado Energy Series 2008 6.50%, 11/15/38
1.84 %
10) Denton Independent School District Series 2024-2 5.00%, 08/15/48
1.83 %
Sector/Industry Breakdown
Portfolio %
Revenue
Health Care – Not-for-Profit
11.31 %
Revenue – Miscellaneous
8.40 %
Prepay Energy
7.29 %
Airport
6.30 %
Industrial Development – Airline
3.62 %
Toll Roads/Transit
3.31 %
Primary/Secondary Ed. – Public
2.83 %
Port
2.37 %
Higher Education – Private
2.21 %
Water & Sewer
2.18 %
Industrial Development – Industry
2.11 %
Electric Utility
2.10 %
Tobacco Securitization
1.88 %
Senior Living
0.96 %
Industrial Development – Utility
0.53 %
SUBTOTAL
57.40 %
Tax Supported
Local G.O.
13.73 %
State G.O.
6.12 %
Special Tax
4.65 %
Assessment District
0.18 %
SUBTOTAL
24.68 %
Guaranteed
15.60 %
Prerefunded/ETM
1.27 %
Asset-Backed
Housing – Multi-Family
0.92 %
SUBTOTAL
0.92 %
Cash & Cash Equivalents
Funds and Investment Trusts
0.13 %
SUBTOTAL
0.13 %
Total
100.00 %
State Breakdown
Portfolio %
Texas
19.24 %
Illinois
7.89 %
New York
7.51 %
Wisconsin
5.99 %
Florida
5.94 %
California
5.72 %
Michigan
4.59 %
South Carolina
4.52 %
Massachusetts
3.88 %
Pennsylvania
3.63 %
Louisiana
2.67 %
New Jersey
2.58 %
Colorado
2.43 %
Alabama
2.16 %
Arizona
1.98 %
Washington
1.91 %
Ohio
1.79 %
Nebraska
1.62 %
New Hampshire
1.48 %
Georgia
1.36 %
Nevada
1.21 %
Oklahoma
1.21 %
Minnesota
1.14 %
Iowa
0.97 %
Virginia
0.88 %
Indiana
0.86 %
Utah
0.78 %
North Carolina
0.76 %
Alaska
0.67 %
Tennessee
0.53 %
Maryland
0.38 %
North Dakota
0.35 %
Arkansas
0.34 %
Puerto Rico
0.34 %
Oregon
0.22 %
Connecticut
0.20 %
South Dakota
0.14 %
Other
0.13 %
Total Investments
100.00 %
Credit Quality Breakdown
Portfolio %
AAA
18.57 %
AA
27.70 %
A
25.86 %
BBB
17.34 %
BB
5.74 %
B
0.81 %
Not Rated
2.58 %
Pre-refunded Bonds
1.27 %
Short Term Investments
0.13 %
Total
100.00 %
Bonds by Maturity
Portfolio %
Less than 1 Year
0.60 %
1 To 5 Years
2.99 %
5 To 10 Years
4.55 %
10 To 20 Years
18.65 %
20 To 30 Years
59.18 %
More than 30 Years
14.03 %
Other
0.00 %
Total Net Assets
100.00 %
Portfolio Statistics:
AMT Percent:
17.57 %
Average Coupon:
4.41 %
Percentage of Leverage:
Bank Borrowing:
0.00 %
Investment Operations:
0.00 %
Auction Preferred Shares (APS):
0.00 %
Tender Option Bonds:
7.52 %
VMTP Shares:
15.11 %
VRDP Shares:
17.12 %
Total Fund Leverage:
39.75%*
Average Maturity:
12.07 Years
Effective Duration:
9.06 Years
Total Net Assets:
$358.53 Million**
Common Stock Net Asset Value:
$12.47
Total Number of Holdings:
166
Portfolio Turnover:
32.00 %
* The total percentage of leverage constitutes 7.52% through the use of tender option bonds, 15.11%
in issued and outstanding VMTPs, 17.12% in issued and outstanding VRDPs and 0.00% 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.