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
2.73 %
2) City of New Orleans LA Series 2021-A 5.00%, 12/01/46
2.71 %
3) Greenwood Independent School District Series 2024 4.00%, 02/15/54
2.27 %
4) Melissa Independent School District Series 2024-2 4.25%, 02/01/53
2.14 %
5) Dallas Independent School District Series 2024-2 4.00%, 02/15/54
1.94 %
6) New York Transportation Development Corp. Series 2024 Zero Coupon, 12/31/54
1.86 %
7) Public Authority for Colorado Energy Series 2008 6.50%, 11/15/38
1.86 %
8) County of Miami-Dade FL Aviation Revenue Series 2025-A 5.50%, 10/01/55
1.85 %
9) City of New York NY Series 2023 4.125%, 08/01/53
1.85 %
10) Denton Independent School District Series 2023 5.00%, 08/15/48
1.83 %
Sector/Industry Breakdown
Portfolio %
Revenue
Health Care – Not-for-Profit
12.36 %
Revenue – Miscellaneous
8.49 %
Airport
7.47 %
Prepay Energy
7.39 %
Toll Roads/Transit
3.71 %
Industrial Development – Airline
3.65 %
Primary/Secondary Ed. – Public
2.69 %
Higher Education – Private
2.58 %
Water & Sewer
2.36 %
Electric Utility
2.14 %
Port
2.07 %
Tobacco Securitization
1.90 %
Industrial Development – Industry
1.89 %
Senior Living
0.97 %
Industrial Development – Utility
0.54 %
SUBTOTAL
60.21 %
Tax Supported
Local G.O.
12.19 %
State G.O.
6.11 %
Special Tax
4.74 %
Assessment District
0.18 %
SUBTOTAL
23.22 %
Guaranteed
14.63 %
Prerefunded/ETM
1.01 %
Asset-Backed
Housing – Multi-Family
0.93 %
SUBTOTAL
0.93 %
Total
100.00 %
State Breakdown
Portfolio %
Texas
17.19 %
Illinois
8.19 %
Florida
7.83 %
New York
7.55 %
Wisconsin
6.73 %
California
5.78 %
South Carolina
4.56 %
Massachusetts
3.92 %
Michigan
3.76 %
Pennsylvania
3.50 %
Ohio
2.72 %
Louisiana
2.71 %
New Jersey
2.61 %
Colorado
2.45 %
Alabama
2.32 %
Washington
1.91 %
Arizona
1.83 %
Nebraska
1.67 %
New Hampshire
1.50 %
Georgia
1.39 %
Iowa
0.99 %
Minnesota
0.98 %
Nevada
0.93 %
Virginia
0.90 %
Indiana
0.86 %
Utah
0.80 %
North Carolina
0.77 %
Alaska
0.68 %
Tennessee
0.53 %
Hawaii
0.47 %
Maryland
0.38 %
Arkansas
0.35 %
North Dakota
0.35 %
Oklahoma
0.33 %
Oregon
0.23 %
Connecticut
0.20 %
South Dakota
0.13 %
Total Investments
100.00 %
Credit Quality Breakdown
Portfolio %
AAA
17.63 %
AA
26.10 %
A
27.40 %
BBB
18.42 %
BB
6.30 %
B
0.47 %
Not Rated
2.67 %
Pre-refunded Bonds
1.01 %
Total
100.00 %
Bonds by Maturity
Portfolio %
Less than 1 Year
0.19 %
1 To 5 Years
2.88 %
5 To 10 Years
4.49 %
10 To 20 Years
16.70 %
20 To 30 Years
61.36 %
More than 30 Years
14.38 %
Other
0.00 %
Total Net Assets
100.00 %
Portfolio Statistics:
AMT Percent:
19.79 %
Average Coupon:
4.48 %
Percentage of Leverage:
Bank Borrowing:
0.00 %
Investment Operations:
0.35 %
Auction Preferred Shares (APS):
0.00 %
Tender Option Bonds:
7.81 %
VMTP Shares:
15.69 %
VRDP Shares:
17.78 %
Total Fund Leverage:
41.63%*
Average Maturity:
14.01 Years
Effective Duration:
10.01 Years
Total Net Assets:
$346.67 Million**
Common Stock Net Asset Value:
$12.06
Total Number of Holdings:
159
Portfolio Turnover:
32.00 %
* The total percentage of leverage constitutes 7.81% through the use of tender option bonds, 15.69%
in issued and outstanding VMTPs, 17.78% in issued and outstanding VRDPs and 0.35% 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.