AllianceBernstein National Municipal Income Fund, Inc.
Top 10 Fixed-Income Holdings
Portfolio %
1) Melissa Independent School District Series 2024-2 4.25%, 02/01/53
2.12 %
2) Commonwealth of Massachusetts Series 2024-A 5.00%, 01/01/54
2.01 %
3) Oklahoma Turnpike Authority Series 2023 4.50%, 01/01/53
1.96 %
4) Dallas Independent School District Series 2024-2 4.00%, 02/15/54
1.91 %
5) New York Transportation Development Corp. Series 2024 Zero Coupon, 12/31/54
1.88 %
6) Metropolitan Washington Airports Authority Aviation Revenue Series 2025-2 5.50%, 10/01/55
1.86 %
7) State of Hawaii Airports System Revenue Series 2025-A 5.50%, 07/01/54
1.86 %
8) Worthington City School District Series 2023 5.50%, 12/01/54
1.86 %
9) City of Atlanta GA Department of Aviation Series 2025-B 5.50%, 07/01/55
1.85 %
10) County of Miami-Dade FL Aviation Revenue Series 2025-A 5.50%, 10/01/55
1.85 %
Sector/Industry Breakdown
Portfolio %
Revenue
Health Care – Not-for-Profit
13.55 %
Airport
10.30 %
Revenue – Miscellaneous
8.66 %
Toll Roads/Transit
5.49 %
Prepay Energy
4.68 %
Industrial Development – Airline
4.08 %
Higher Education – Private
3.47 %
Primary/Secondary Ed. – Public
3.21 %
Port
2.61 %
Industrial Development – Industry
2.18 %
Higher Education – Public
1.78 %
Senior Living
1.30 %
Electric Utility
1.23 %
Water & Sewer
0.80 %
Tobacco Securitization
0.29 %
Primary/Secondary Ed. – Private
0.18 %
SUBTOTAL
63.81 %
Tax Supported
Local G.O.
10.98 %
State G.O.
6.41 %
Special Tax
3.51 %
Local Lease
1.48 %
Assessment District
0.18 %
SUBTOTAL
22.56 %
Guaranteed
11.77 %
Asset-Backed
Housing – Multi-Family
1.48 %
SUBTOTAL
1.48 %
Commercial Mortgage-Backed Securities
Non-Agency Fixed Rate CMBS
0.36 %
SUBTOTAL
0.36 %
Prerefunded/ETM
0.02 %
Total
100.00 %
State Breakdown
Portfolio %
Texas
14.43 %
California
9.11 %
Florida
8.51 %
Illinois
7.60 %
Wisconsin
7.20 %
New York
6.50 %
Massachusetts
5.85 %
Georgia
4.34 %
Ohio
4.18 %
Pennsylvania
3.06 %
South Carolina
2.95 %
New Hampshire
2.73 %
District of Columbia
2.60 %
Oklahoma
2.35 %
Arizona
2.04 %
Louisiana
1.96 %
Michigan
1.94 %
Hawaii
1.86 %
Colorado
1.72 %
Minnesota
1.31 %
Alabama
0.97 %
Nebraska
0.94 %
Indiana
0.85 %
North Carolina
0.76 %
Washington
0.69 %
Virginia
0.59 %
Tennessee
0.50 %
Alaska
0.48 %
Maryland
0.37 %
New Jersey
0.36 %
Arkansas
0.35 %
North Dakota
0.35 %
Oregon
0.23 %
Connecticut
0.19 %
South Dakota
0.13 %
Total Investments
100.00 %
Credit Quality Breakdown
Portfolio %
AAA
12.33 %
AA
38.27 %
A
21.75 %
BBB
16.17 %
BB
7.20 %
B
0.53 %
Not Rated
3.73 %
Pre-refunded Bonds
0.02 %
Total
100.00 %
Bonds by Maturity
Portfolio %
Less than 1 Year
0.19 %
1 to 5 Years
0.18 %
5 to 10 Years
2.42 %
10 to 20 Years
12.15 %
20 to 30 Years
60.94 %
More than 30 Years
24.12 %
Other
0.00 %
Total Net Assets
100.00 %
Portfolio Statistics:
AMT Percent:
20.83 %
Average Coupon:
4.63 %
Percentage of Leverage:
Bank Borrowing:
0.00 %
Investment Operations:
0.17 %
Auction Preferred Shares (APS):
0.00 %
Tender Option Bonds:
7.45 %
VMTP Shares:
14.95 %
VRDP Shares:
16.94 %
Total Fund Leverage:
39.51%*
Average Maturity:
14.31 Years
Effective Duration:
12.82 Years
Total Net Assets:
$344.45 Million**
Common Stock Net Asset Value:
$11.98
Total Number of Holdings:
169
Portfolio Turnover:
32.00 %
* The total percentage of leverage constitutes 7.45% through the use of tender option bonds, 14.95%
in issued and outstanding VMTPs, 16.94% in issued and outstanding VRDPs and 0.17% 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.