AllianceBernstein National Municipal Income Fund, Inc. [NYSE:AFB](the “Fund”) today released its monthly portfolio update as of September 30, 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 2.12%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 %RevenueHealth 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 SupportedLocal 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-BackedHousing – Multi-Family 1.48%SUBTOTAL 1.48%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 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 YearsEffective Duration: 12.82 YearsTotal Net Assets: $344.45 Million**Common Stock Net Asset Value: $11.98Total Number of Holdings: 169Portfolio 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 investmentoperations, which may include the use of certain portfolio management techniques such as credit defaultswaps, 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 includedin 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 includedin 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. TheFund 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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