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

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AllianceBernstein National Municipal Income Fund (NYSE: AFB) has released its monthly portfolio update as of November 30, 2024. The fund's total net assets stand at $370.42 Million, with a common stock net asset value of $12.89. The portfolio comprises 166 holdings with a turnover rate of 55.00%.

The fund's top holdings include Lamar Consolidated Independent School District (2.71%) and City of New Orleans LA Series (2.66%). By sector, Healthcare Not-for-Profit leads at 11.37%, followed by Revenue-Miscellaneous at 8.15%. Geographically, Texas dominates with 19.33% allocation, followed by Illinois (8.82%) and New York (7.87%).

Credit quality breakdown shows AA-rated securities at 28.21%, followed by A-rated at 25.37%. The fund maintains 39.31% total leverage, with the majority in VRDP Shares (16.72%) and VMTP Shares (14.76%). The portfolio has an average coupon of 4.49% and an effective duration of 7.96 years.

NEW YORK, Dec. 23, 2024 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. [NYSE: AFB] (the "Fund") today released its monthly portfolio update as of November 30, 2024.

AllianceBernstein National Municipal Income Fund, Inc.
Top 10 Fixed-Income Holdings		Portfolio %
1) Lamar Consolidated Independent School District Series 2024-2 5.00%, 02/15/53		2.71 %
2) City of New Orleans LA Series 2021-A 5.00%, 12/01/46		2.66 %
3) Prosper Independent School District Series 2024 4.00%, 02/15/54		2.47 %
4) Greenwood Independent School District Series 2024 4.00%, 02/15/54		2.35 %
5) Melissa Independent School District Series 2024-2 4.25%, 02/01/53		2.17 %
6) Dallas Independent School District Series 2024-2 4.00%, 02/15/54		1.99 %
7) New York Transportation Development Corp. Series 2024 Zero Coupon, 12/31/54		1.90 %
8) City of New York NY Series 2023 4.125%, 08/01/53		1.90 %
9) Public Authority for Colorado Energy Series 2008 6.50%, 11/15/38		1.84 %
10) Denton Independent School District Series 2024-2 5.00%, 08/15/48		1.82 %
Sector/Industry Breakdown		Portfolio %
Revenue
Health Care - Not-for-Profit		11.37 %
Revenue - Miscellaneous		8.15 %
Prepay Energy		7.30 %
Airport		6.24 %
Industrial Development - Airline		3.65 %
Toll Roads/Transit		3.26 %
Higher Education - Private		2.19 %
Water & Sewer		2.16 %
Primary/Secondary Ed. - Public		2.13 %
Industrial Development - Industry		2.11 %
Electric Utility		2.08 %
Port		1.87 %
Tobacco Securitization		1.85 %
Senior Living		0.96 %
Industrial Development - Utility		0.51 %
SUBTOTAL		55.83 %
Tax Supported
Local G.O.		14.20 %
State G.O.		6.13 %
Special Tax		4.92 %
Assessment District		0.18 %
SUBTOTAL		25.43 %
Guaranteed		15.68 %
Prerefunded/ETM		2.07 %
Asset-Backed
Housing - Multi-Family		0.92 %
SUBTOTAL		0.92 %
Cash & Cash Equivalents
Funds and Investment Trusts		0.07 %
SUBTOTAL		0.07 %
Total		100.00 %
State Breakdown		Portfolio %
Texas		19.33 %
Illinois		8.82 %
New York		7.87 %
Florida		5.95 %
California		5.71 %
Wisconsin		5.25 %
Michigan		4.52 %
South Carolina		4.49 %
Massachusetts		3.86 %
Pennsylvania		3.60 %
New Jersey		2.70 %
Louisiana		2.66 %
Colorado		2.42 %
Arizona		1.98 %
Washington		1.90 %
Alabama		1.81 %
Ohio		1.77 %
Nebraska		1.60 %
Nevada		1.55 %
Georgia		1.34 %
Oklahoma		1.20 %
New Hampshire		1.15 %
Minnesota		1.13 %
Iowa		0.97 %
Virginia		0.88 %
Indiana		0.86 %
Utah		0.78 %
North Carolina		0.76 %
Tennessee		0.52 %
North Dakota		0.43 %
Maryland		0.37 %
Puerto Rico		0.34 %
Arkansas		0.33 %
Oregon		0.23 %
Connecticut		0.20 %
Alaska		0.18 %
South Dakota		0.14 %
Other		0.40 %
Total Investments		100.00 %
Credit Quality Breakdown		Portfolio %
AAA		18.95 %
AA		28.21 %
A		25.37 %
BBB		16.88 %
BB		5.42 %
B		0.48 %
Not Rated		2.55 %
Pre-refunded Bonds		2.07 %
Short Term Investments		0.07 %
Total		100.00 %
Bonds by Maturity		Portfolio %
Less than 1 Year		1.34 %
1 To 5 Years		3.28 %
5 To 10 Years		4.75 %
10 To 20 Years		18.38 %
20 To 30 Years		58.97 %
More than 30 Years		13.28 %
Other		0.00 %
Total Net Assets		100.00 %
Portfolio Statistics:
AMT Percent:		17.09 %
Average Coupon:		4.49 %
Percentage of Leverage:
Bank Borrowing:		0.00 %
Investment Operations:		0.48 %
Auction Preferred Shares (APS):		0.00 %
Tender Option Bonds:		7.35 %
VMTP Shares:		14.76 %
VRDP Shares:		16.72 %
Total Fund Leverage:		39.31%*
Average Maturity:		9.83 Years
Effective Duration:		7.96 Years
Total Net Assets:		$370.42 Million**
Common Stock Net Asset Value:		$12.89
Total Number of Holdings:		166
Portfolio Turnover:		55.00 %

* The total percentage of leverage constitutes 7.35% through the use of tender option bonds, 14.76% in issued and outstanding VMTPs, 16.72% in issued and outstanding VRDPs and 0.48% 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.

FAQ

What is the current total net asset value of AllianceBernstein National Municipal Income Fund (AFB) as of November 2024?

The total net assets of AFB as of November 30, 2024, are $370.42 Million, with a common stock net asset value of $12.89.

How is AFB's portfolio geographically distributed across states?

Texas has the largest allocation at 19.33%, followed by Illinois (8.82%), New York (7.87%), Florida (5.95%), and California (5.71%).

What is AFB's current leverage structure and total percentage?

AFB's total leverage is 39.31%, consisting of 16.72% in VRDP Shares, 14.76% in VMTP Shares, 7.35% in tender option bonds, and 0.48% in investment operations.

What are the top three sector allocations in AFB's portfolio?

The top three sector allocations are Health Care - Not-for-Profit at 11.37%, Revenue - Miscellaneous at 8.15%, and Prepay Energy at 7.30%.

What is the credit quality distribution of AFB's portfolio?

The portfolio's credit quality consists of AA (28.21%), A (25.37%), AAA (18.95%), BBB (16.88%), BB (5.42%), with smaller allocations in other ratings.

What is the maturity profile of AFB's bond holdings?

The majority of bonds (58.97%) have 20-30 year maturities, followed by 18.38% in 10-20 years, and 13.28% in more than 30 years.