AllianceBernstein National Municipal Income Fund, Inc.[NYSE: AFB] (the “Fund”) today released its monthly portfolio update as of November 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 2.15%2) Commonwealth of Massachusetts Series 2025-2 5.00%, 01/01/54 2.00%3) Oklahoma Turnpike Authority Series 2023 4.50%, 01/01/53 1.96%4) New York Transportation Development Corp. Series 2024 Zero Coupon, 12/31/54 1.93%5) Dallas Independent School District Series 2024-2 4.00%, 02/15/54 1.92%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 1.86%9) City of Atlanta GA Department of Aviation Series 2025-2 5.50%, 07/01/55 1.85%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 13.42%Airport 10.28%Revenue – Miscellaneous 7.20%Toll Roads/Transit 5.51%Prepay Energy 4.70%Industrial Development – Airline 4.14%Primary/Secondary Ed. – Public 3.56%Higher Education – Private 3.49%Port 2.61%Industrial Development – Industry 2.18%Higher Education – Public 1.78%Electric Utility 1.47%Senior Living 1.34%Water & Sewer 0.80%Tobacco Securitization 0.30%Primary/Secondary Ed. – Private 0.18%SUBTOTAL 62.96%Tax SupportedLocal G.O. 11.03%State G.O. 6.42%Special Tax 3.69%Local Lease 1.49%Assessment District 0.18%SUBTOTAL 22.81%Guaranteed 11.83%Asset-BackedHousing – Multi-Family 0.86%SUBTOTAL 0.86%Commercial Mortgage-Backed SecuritiesNon-Agency Fixed Rate CMBS 0.49%Non-Agency Floating Rate CMBS 0.35%SUBTOTAL 0.84%Prerefunded/ETM 0.36%Cash & Cash EquivalentsFunds and Investment Trusts 0.34%SUBTOTAL 0.34%Total 100.00%State Breakdown Portfolio %Texas 14.45%California 8.95%Florida 8.58%Illinois 8.14%New York 6.97%Massachusetts 5.85%Wisconsin 5.50%Georgia 4.59%Ohio 4.20%Pennsylvania 3.02%South Carolina 2.98%District of Columbia 2.60%New Hampshire 2.55%Oklahoma 2.35%Arizona 2.04%Louisiana 1.96%Michigan 1.91%Hawaii 1.86%Colorado 1.74%Minnesota 1.31%Alabama 0.97%Nebraska 0.93%Indiana 0.86%North Carolina 0.76%Virginia 0.76%Washington 0.69%Tennessee 0.51%Alaska 0.49%Maryland 0.37%North Dakota 0.36%Arkansas 0.35%New Jersey 0.35%Oregon 0.24%Connecticut 0.20%South Dakota 0.14%Other 0.47%Total Investments 100.00%Credit Quality Breakdown Portfolio %AAA 12.40%AA 38.51%A 19.95%BBB 16.55%BB 7.13%B 0.53%Not Rated 4.23%Pre-refunded Bonds 0.36%Short Term Investments 0.34%Total 100.00%Bonds by Maturity Portfolio %Less than 1 Year 0.84%1 to 5 Years 0.13%5 to 10 Years 2.29%10 to 20 Years 12.52%20 to 30 Years 65.74%More than 30 Years 18.48%Other 0.00%Total Net Assets 100.00%Portfolio Statistics:AMT Percent: 17.93%Average Coupon: 4.96%Percentage of Leverage:Bank Borrowing: 0.00%Investment Operations: 0.00%Auction Preferred Shares (APS): 0.00%Tender Option Bonds: 23.05%VMTP Shares: 0.00%VRDP Shares: 17.38%Total Fund Leverage: 40.43%*Average Maturity: 13.26 YearsEffective Duration: 11.57 YearsTotal Net Assets: $349.99 Million**Common Stock Net Asset Value: $12.18Total Number of Holdings: 173Portfolio Turnover: 32.00%
* The total percentage of leverage constitutes 23.05% through the use of tender option bonds, 17.38% in issued and outstanding VRDPs and 0.00% in investment operations, 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 $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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