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AllianceBernstein National Municipal Income Fund Portfolio Update

Introduction

On January 27, 2025, the AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB) published its monthly portfolio update covering the end of December 2024. This update provides detailed insights into the fund's distribution, key holdings, and investment strategy aimed at generating consistent income through tax-exempt municipal bonds.

Key Highlights

Top 10 Fixed-Income Holdings

The fund’s portfolio is structured around significant fixed-income securities:

1. Lamar Consolidated Independent School District Series 2024-2 (5.00%, 02/15/53) - 2.72%
2. City of New Orleans LA Series 2021-A (5.00%, 12/01/46) - 2.67%
3. Prosper Independent School District Series 2024 (4.00%, 02/15/54) - 2.44%
4. Greenwood Independent School District Series 2024 (4.00%, 02/15/54) - 2.31%
5. Melissa Independent School District Series 2024-2 (4.25%, 02/01/53) - 2.20%
6. Dallas Independent School District Series 2024-2 (4.00%, 02/15/54) - 1.96%
7. City of New York NY Series 2023 (4.125%, 08/01/53) - 1.89%
8. New York Transportation Development Corp. Series 2024 (Zero Coupon, 12/31/54) - 1.84%
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) - 1.83%

Sector Breakdown

The fund has allocated portions of its investments across various sectors, summing to 57.4%:

• - Health Care - Not-for-Profit: 11.31%
• - Prepay Energy: 7.29%
• - Airport: 6.30%
• - Public Education: 2.83%
• - and several others focusing on local revenue and tax-supported projects.

Geographic Distribution

In terms of geographical representation, the portfolio focuses heavily on Texas, Illinois, New York, and California among other states, which highlights the fund’s commitment to supporting local economies:

• - Texas: 19.24%
• - Illinois: 7.89%
• - New York: 7.51%

Credit Quality

The quality of the fund’s bonds remains robust, with a distribution across various credit ratings:

• - AAA: 18.57%
• - AA: 27.70%
• - A: 25.86%
• - BBB: 17.34%

Portfolio Statistics

As of the latest update, the fund holds a total net asset amounting to $358.53 million, with an average maturity of 12.07 years. The portfolio exhibits a turnover rate of 32.00% which indicates a moderate level of trading activity designed to maximize returns.

Conclusion

The monthly portfolio update from AllianceBernstein reflects a strategic approach to municipal investment in sectors that not only promise financial returns but also aim to benefit local communities through essential services. With an emphasis on educational institutions and health care, the fund continues to navigate the complexities of municipal investing, adapting to market dynamics while upholding its commitment to its investors.

For more detailed information, you can reference the full statement at the AllianceBernstein official site.