AllianceBernstein National Municipal Income Fund, Inc. [NYSE: AFB](the “Fund”) today released its monthly portfolio update as of April 30, 2025.
AllianceBernstein National Municipal Income Fund, Inc.Top 10 Fixed-Income Holdings Portfolio %1) City of New Orleans LA Series 2021-A 5.00%, 12/01/46 2.25%2) Melissa Independent School District Series 2024-2 4.25%, 02/01/53 2.22%3) Greenwood Independent School District Series 2025-2 5.50%, 02/15/49 2.19%4) Dallas Independent School District Series 2024-2 4.00%, 02/15/54 2.00%5) Public Authority for Colorado Energy Series 2008 6.50%, 11/15/38 1.96%6) State of Hawaii Airports System Revenue Series 2025-2 5.00%, 07/01/54 1.96%7) County of Miami-Dade FL Aviation Revenue Series 2025-A 5.50%, 10/01/55 1.95%8) New York Transportation Development Corp. Series 2024 Zero Coupon, 12/31/54 1.95%9) Commonwealth of Massachusetts Series 2023 5.00%, 05/01/53 1.93%10) City of New York NY Series 2023 4.125%, 08/01/53 1.92%Sector/Industry Breakdown Portfolio %RevenueHealth Care – Not-for-Profit 12.45%Airport 8.97%Revenue – Miscellaneous 8.16%Prepay Energy 7.79%Toll Roads/Transit 5.40%Industrial Development – Airline 3.84%Primary/Secondary Ed. – Public 3.11%Higher Education – Private 2.70%Water & Sewer 2.44%Port 2.16%Tobacco Securitization 2.00%Industrial Development – Industry 1.96%Electric Utility 1.30%Senior Living 1.01%Industrial Development – Utility 0.58%SUBTOTAL 63.87%Tax SupportedLocal G.O. 11.83%Special Tax 4.97%State G.O. 4.46%Assessment District 0.19%SUBTOTAL 21.45%Guaranteed 13.30%Asset-BackedHousing – Multi-Family 1.36%SUBTOTAL 1.36%Prerefunded/ETM 0.02%Total 100.00%State Breakdown Portfolio %Texas 16.00%Florida 10.05%Illinois 8.56%New York 7.54%Wisconsin 7.03%California 6.08%Michigan 3.98%South Carolina 3.82%Massachusetts 3.64%Pennsylvania 3.51%Colorado 2.58%Ohio 2.50%Louisiana 2.25%New Jersey 2.05%Alabama 2.03%Hawaii 1.96%New Hampshire 1.94%Arizona 1.93%Nebraska 1.76%Georgia 1.47%Minnesota 1.36%Nevada 0.98%Virginia 0.94%Indiana 0.89%North Carolina 0.81%Alaska 0.70%Tennessee 0.55%Washington 0.53%Utah 0.47%Maryland 0.40%North Dakota 0.38%Arkansas 0.37%Oklahoma 0.35%Oregon 0.24%Connecticut 0.21%South Dakota 0.14%Total Investments 100.00%Credit Quality Breakdown Portfolio %AAA 13.66%AA 29.16%A 25.79%BBB 19.30%BB 7.60%B 0.34%Not Rated 4.13%Pre-refunded Bonds 0.02%Total 100.00%Bonds by Maturity Portfolio %Less than 1 Year 0.20%1 to 5 Years 2.34%5 to 10 Years 3.71%10 to 20 Years 16.66%20 to 30 Years 61.37%More than 30 Years 15.72%Other 0.00%Total Net Assets 100.00%Portfolio Statistics:AMT Percent: 19.37%Average Coupon: 4.47%Percentage of Leverage:Bank Borrowing: 0.00%Investment Operations: 0.00%Auction Preferred Shares (APS): 0.00%Tender Option Bonds: 12.08%VMTP Shares: 15.93%VRDP Shares: 18.04%Total Fund Leverage: 46.05%*Average Maturity: 15.62 YearsEffective Duration: 10.87 YearsTotal Net Assets: $337.84 Million**Common Stock Net Asset Value: $11.75Total Number of Holdings: 156Portfolio Turnover: 32.00%
* The total percentage of leverage constitutes 12.08% through the use of tender option bonds, 15.93% in issued and outstanding VMTPs, 18.04% 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.
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SOURCE AllianceBernstein National Municipal Income Fund, Inc.
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