AllianceBernstein National Municipal Income Fund, Inc.[NYSE: AFB] (the “Fund”) today released its monthly portfolio update as of October 31, 2025.
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 2.15%2) Commonwealth of Massachusetts Series 2025-2 5.00%, 01/01/54 1.99%3) Oklahoma Turnpike Authority Series 2023 4.50%, 01/01/53 1.94%4) Dallas Independent School District Series 2024-2 4.00%, 02/15/54 1.93%5) New York Transportation Development Corp. Series 2024 Zero Coupon, 12/31/54 1.90%6) State of Hawaii Airports System Revenue Series 2025-2 5.50%, 07/01/54 1.86%7) Metropolitan Washington Airports Authority Aviation Revenue Series 2025-2 5.50%, 10/01/55 1.86%8) Worthington City School District Series 2025-2 5.50%, 12/01/54 1.84%9) City of Atlanta GA Department of Aviation Series 2025-2 5.50%, 07/01/55 1.84%10) County of Miami-Dade FL Aviation Revenue Series 2025-2 5.50%, 10/01/55 1.83%Sector/Industry Breakdown Portfolio %RevenueHealth Care – Not-for-Profit 13.30%Airport 10.25%Revenue – Miscellaneous 7.66%Toll Roads/Transit 5.46%Prepay Energy 4.70%Industrial Development – Airline 4.09%Primary/Secondary Ed. – Public 3.50%Higher Education – Private 3.47%Port 2.60%Industrial Development – Industry 2.14%Higher Education – Public 1.76%Electric Utility 1.46%Senior Living 1.33%Water & Sewer 0.80%Tobacco Securitization 0.30%Primary/Secondary Ed. – Private 0.17%SUBTOTAL 62.99%Tax SupportedLocal G.O. 11.30%State G.O. 6.37%Special Tax 3.52%Local Lease 1.48%Assessment District 0.18%SUBTOTAL 22.85%Guaranteed 11.78%Asset-BackedHousing – Multi-Family 1.32%SUBTOTAL 1.32%Cash & Cash EquivalentsFunds and Investment Trusts 0.68%SUBTOTAL 0.68%Commercial Mortgage-Backed SecuritiesNon-Agency Fixed Rate CMBS 0.36%SUBTOTAL 0.36%Prerefunded/ETM 0.02%Total 100.00%State Breakdown Portfolio %Texas 14.43%California 8.72%Florida 8.50%Illinois 8.11%New York 6.89%Wisconsin 6.13%Massachusetts 5.81%Georgia 4.56%Ohio 4.17%Pennsylvania 2.99%South Carolina 2.97%New Hampshire 2.68%District of Columbia 2.59%Oklahoma 2.33%Arizona 2.04%Louisiana 1.94%Michigan 1.89%Hawaii 1.86%Colorado 1.72%Minnesota 1.30%Alabama 0.96%Nebraska 0.92%Indiana 0.85%North Carolina 0.75%Washington 0.68%Virginia 0.58%Tennessee 0.50%Alaska 0.49%Maryland 0.37%New Jersey 0.35%North Dakota 0.35%Arkansas 0.34%Oregon 0.23%Connecticut 0.19%South Dakota 0.13%Other 0.68%Total Investments 100.00%Credit Quality Breakdown Portfolio %AAA 12.35%AA 38.89%A 19.87%BBB 16.51%BB 7.41%B 0.53%Not Rated 3.74%Pre-refunded Bonds 0.02%Short Term Investments 0.68%Total 100.00%Bonds by Maturity Portfolio %Less than 1 Year 0.83%1 to 5 Years 0.13%5 to 10 Years 2.40%10 to 20 Years 11.92%20 to 30 Years 65.28%More than 30 Years 19.44%Other 0.00%Total Net Assets 100.00%Portfolio Statistics:AMT Percent: 20.88%Average Coupon: 5.05%Percentage of Leverage:Bank Borrowing: 0.00%Investment Operations: 0.84%Auction Preferred Shares (APS): 0.00%Tender Option Bonds: 22.80%VMTP Shares: 0.00%VRDP Shares: 17.23%Total Fund Leverage: 40.87%*Average Maturity: 13.17 YearsEffective Duration: 11.48 YearsTotal Net Assets: $350.77 Million**Common Stock Net Asset Value: $12.20Total Number of Holdings: 171Portfolio Turnover: 32.00%
* The total percentage of leverage constitutes 22.80% through the use of tender option bonds, 17.23% in issued and outstanding VRDPs and 0.84% 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 ofVRDPs 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 byAllianceBernstein L. P.
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SOURCE AllianceBernstein National Municipal Income Fund, Inc.
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