AllianceBernstein National Municipal Income Fund, Inc.
Top 10 Fixed-Income Holdings
Portfolio %
1) San Francisco Intl Airport Series 2026-2 5.50%, 05/01/55
3.71 %
2) Melissa Independent School District Series 2024-2 4.25%, 02/01/53
2.11 %
3) Commonwealth of Massachusetts Series 2025-2 5.00%, 01/01/54
2.00 %
4) New York Transportation Development Corp. Series 2024 Zero Coupon, 12/31/54
1.96 %
5) Oklahoma Turnpike Authority Series 2023 4.50%, 01/01/53
1.93 %
6) Dallas Independent School District Series 2024-2 4.00%, 02/15/54
1.87 %
7) State of Hawaii Airports System Revenue Series 2025-2 5.50%, 07/01/54
1.85 %
8) Worthington City School District Series 2025-2 5.50%, 12/01/54
1.85 %
9) Metropolitan Washington Airports Authority Aviation Revenue Series 2025-2 5.50%, 10/01/55
1.85 %
10) City of Atlanta GA Department of Aviation Series 2025-2 5.50%, 07/01/55
1.84 %
Sector/Industry Breakdown
Portfolio %
Revenue
Airport
14.72 %
Health Care – Not-for-Profit
10.30 %
Toll Roads/Transit
5.87 %
Industrial Development – Airline
5.19 %
Revenue – Miscellaneous
4.63 %
Prepay Energy
4.36 %
Primary/Secondary Ed. – Public
4.25 %
Higher Education – Private
3.15 %
Student Housing
2.39 %
Port
2.18 %
Industrial Development – Industry
2.00 %
Senior Living
1.86 %
Higher Education – Public
1.78 %
Water & Sewer
1.50 %
Electric Utility
0.57 %
Tobacco Securitization
0.30 %
Primary/Secondary Ed. – Private
0.17 %
SUBTOTAL
65.22 %
Tax Supported
Local G.O.
9.79 %
State G.O.
6.76 %
Special Tax
3.44 %
Local Lease
1.58 %
Assessment District
0.54 %
State Lease
0.28 %
SUBTOTAL
22.39 %
Guaranteed
9.89 %
Asset-Backed
Housing – Multi-Family
1.80 %
SUBTOTAL
1.80 %
Commercial Mortgage-Backed Securities
Non-Agency Fixed Rate CMBS
0.51 %
SUBTOTAL
0.51 %
Cash & Cash Equivalents
Funds and Investment Trusts
0.17 %
SUBTOTAL
0.17 %
Prerefunded/ETM
0.02 %
Total
100.00 %
State Breakdown
Portfolio %
Texas
12.57 %
California
12.04 %
Florida
8.45 %
New York
8.30 %
Illinois
7.49 %
Massachusetts
6.22 %
Wisconsin
5.80 %
Ohio
4.19 %
Georgia
3.68 %
Hawaii
3.67 %
New Hampshire
3.43 %
District of Columbia
2.57 %
Pennsylvania
2.49 %
Oklahoma
2.32 %
Arizona
1.96 %
Colorado
1.96 %
Louisiana
1.39 %
Minnesota
1.30 %
Michigan
1.26 %
Alabama
0.98 %
Nebraska
0.91 %
Connecticut
0.90 %
Utah
0.76 %
Virginia
0.76 %
South Carolina
0.69 %
Washington
0.68 %
Maryland
0.54 %
Tennessee
0.52 %
Indiana
0.51 %
New Jersey
0.36 %
Arkansas
0.35 %
North Dakota
0.35 %
Oregon
0.24 %
South Dakota
0.13 %
North Carolina
0.05 %
Other
0.18 %
Total Investments
100.00 %
Credit Quality Breakdown
Portfolio %
AAA
10.45 %
AA
39.31 %
A
18.07 %
BBB
16.72 %
BB
7.94 %
B
0.53 %
Not Rated
6.79 %
Pre-refunded Bonds
0.02 %
Short Term Investments
0.17 %
Total
100.00 %
Bonds by Maturity
Portfolio %
Less than 1 Year
0.32 %
1 to 5 Years
0.13 %
5 to 10 Years
2.57 %
10 to 20 Years
14.32 %
20 to 30 Years
64.16 %
More than 30 Years
18.50 %
Other
0.00 %
Total Net Assets
100.00 %
Portfolio Statistics:
AMT Percent:
21.99 %
Average Coupon:
5.90 %
Percentage of Leverage:
Bank Borrowing:
0.00 %
Investment Operations:
0.09 %
Auction Preferred Shares (APS):
0.00 %
Tender Option Bonds:
23.40 %
VMTP Shares:
0.00 %
VRDP Shares:
17.66 %
Total Fund Leverage:
41.15%*
Average Maturity:
14.04 Years
Effective Duration:
12.36 Years
Total Net Assets:
$339.07 Million**
Common Stock Net Asset Value:
$11.80
Total Number of Holdings:
189
Portfolio Turnover:
56.00 %
* The total percentage of leverage constitutes 23.40% through the use of tender option bonds, 17.66%
in issued and outstanding VRDPs and 0.09% 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 $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.