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AllianceBernstein National Municipal Income Fund, Inc. RELEASES MONTHLY PORTFOLIO UPDATE

AllianceBernstein National Municipal Income Fund, Inc.[NYSE: AFB] (the "Fund") today released its monthly portfolio update as of October 31, 2023.

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 2.79 %2) Melissa Independent School District Series 2023 4.25%, 02/01/53 2.03 %3) Denton Independent School District Series 2023 5.00%, 08/15/48 1.89 %4) Commonwealth of Massachusetts Series 2023 5.00%, 05/01/53 1.88 %5) City of New York NY Series 2023 4.125%, 08/01/53 1.78 %6) Detroit City School District Series 2001-A 6.00%, 05/01/29 1.75 %7) Wisconsin Public Finance Authority Series 2018 5.00%, 07/01/58 1.74 %8) Detroit Downtown Development Authority Series 2018-A 5.00%, 07/01/48 1.73 %9) Tobacco Settlement Financing Corp./NJ Series 2018-A 5.25%, 06/01/46 1.64 %10) City of El Paso TX Series 2021-C 4.00%, 08/15/47 1.60 % Sector/Industry Breakdown Portfolio %Revenue Health Care - Not-for-Profit 14.52 %Revenue - Miscellaneous 7.61 %Airport 7.41 %Prepay Energy 5.75 %Toll Roads/Transit 4.82 %Higher Education - Private 3.29 %Electric Utility 3.24 %Industrial Development - Industry 2.81 %Tobacco Securitization 2.09 %Primary/Secondary Ed. - Public 1.75 %Port 0.86 %Industrial Development - Utility 0.56 %Water & Sewer 0.42 %Senior Living 0.23 %SUBTOTAL 55.36 %Tax Supported Local G.O. 18.07 %State G.O. 7.93 %Special Tax 7.68 %State Lease 0.61 %Assessment District 0.18 %SUBTOTAL 34.47 %Insured/Guaranteed Guaranteed 4.38 %SUBTOTAL 4.38 %Commercial Mortgage-Backed Securities 2.24 %Cash & Cash Equivalents Funds and Investment Trusts 1.81 %SUBTOTAL 1.81 %Prerefunded/ETM 1.74 %Total 100.00 % State Breakdown Portfolio %Texas 10.17 %Illinois 10.08 %New York 7.09 %California 6.92 %Michigan 6.77 %Florida 5.89 %Wisconsin 5.62 %New Jersey 5.15 %Pennsylvania 4.94 %South Carolina 3.20 %Louisiana 3.00 %Massachusetts 2.85 %Arizona 2.44 %Georgia 2.33 %New Hampshire 2.05 %Washington 1.91 %Ohio 1.90 %Nebraska 1.67 %Minnesota 1.58 %Oklahoma 1.55 %North Carolina 1.53 %Nevada 1.47 %Virginia 1.39 %Colorado 1.37 %Utah 1.25 %Iowa 0.98 %West Virginia 0.68 %Indiana 0.45 %Maryland 0.39 %Arkansas 0.36 %North Dakota 0.35 %Oregon 0.19 %Connecticut 0.18 %Alabama 0.16 %South Dakota 0.13 %Puerto Rico 0.10 %Tennessee 0.07 %Kentucky 0.03 %Other 1.81 %Total Investments 100.00 % Credit Quality Breakdown Portfolio %AAA 7.89 %AA 32.41 %A 32.67 %BBB 18.17 %BB 3.59 %B 0.57 %CCC 0.12 %D 0.24 %Not Rated 0.79 %Pre-refunded Bonds 1.74 %Short Term Investments 1.81 %Total 100.00 % Bonds by Maturity Portfolio %Less than 1 Year 3.49 %1 To 5 Years 1.33 %5 To 10 Years 9.97 %10 To 20 Years 22.45 %20 To 30 Years 49.89 %More than 30 Years 12.87 %Other 0.00 %Total Net Assets 100.00 % Portfolio Statistics: AMT Percent: 13.71 %Average Coupon: 4.47 %Percentage of Leverage: Bank Borrowing: 0.00 %Investment Operations: 0.00 %Auction Preferred Shares (APS): 0.00 %Tender Option Bonds: 0.00 %VMTP Shares: 43.25 %Total Fund Leverage: 43.25%*Average Maturity: 16.99 YearsEffective Duration: 10.54 YearsTotal Net Assets: $311.65 Million**Common Stock Net Asset Value: $10.84Total Number of Holdings: 176Portfolio Turnover: 18.00 %

* The total percentage of leverage constitutes 0.00% through the use of tender option bonds, 43.25% in issued and outstanding VMTPs and 0.00% in investment operations, which may include the use ofcertain portfolio management techniques such as credit default swaps, dollar rolls, negative cash,reverse repurchase agreements and when-issued securities. ** The Fund also had outstanding $232,125,000 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 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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