PR Newswire | Feb 22, 2021 04:06PM EST

Update

02/22 15:06 CST

AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update NEW YORK, Feb. 22, 2021

NEW YORK, Feb. 22, 2021 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB) (the "Fund") today released its monthly portfolio update as of January 31, 2021.

AllianceBernstein National Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings Portfolio %

1) Metropolitan Transportation Authority (MetropolitanTransportation Authority Ded Tax) Series 2016A 5.25%, 11/15 2.50%/35

2) Central Plains Energy Project (Goldman Sachs Group, Inc. 2.16%(The)) Series 2017A 5.00%, 9/01/42

3) State of Connecticut Special Tax Revenue Series 2012 2.15%5.00%, 1/01/29

4) Jefferson County Board of Education/AL Series 2018 1.74%5.00%, 2/01/46

5) Wisconsin Public Finance Authority(CHF - Wilmington LLC) 1.66%AGM 5.00%, 7/01/58

6) Massachusetts School Building Authority Series 2011B 1.62%5.00%, 10/15/32 (Prerefunded/ETM)

7) Detroit Downtown Development Authority AGM Series 2018A 1.62%5.00%, 7/01/48

8) Los Angeles Department of Water & Power Power System 1.59%Revenue Series 2013B 5.00%, 7/01/30

9) Tobacco Settlement Financing Corp./NJ Series 2018A 1.56%5.00%, 6/01/46

10) Metropolitan Pier & Exposition Authority 5.00%, 6/15 1.49%/50

Sector/Industry Breakdown Portfolio %

Revenue

Health Care - Not-for-Profit 20.91%

Airport 8.05%

Toll Roads/Transit 6.17%

Electric Utility 4.78%

Revenue - Miscellaneous 4.75%

Water & Sewer 2.90%

Prepay Energy 2.81%

Tobacco Securitization 1.56%

Higher Education - Public 1.03%

Primary/Secondary Ed. - Public 0.93%

Higher Education - Private 0.76%

Port 0.69%

Industrial Development - Utility 0.47%

Senior Living 0.25%

Industrial Development - Industry 0.19%

SUBTOTAL 56.25%

Tax Supported

Special Tax 18.55%

State G.O. 7.72%

Local G.O. 2.51%

Tax-Supported State Lease 2.44%

Assessment District 2.11%

Tax-Supported Local Lease 0.56%

SUBTOTAL 33.89%

Prerefunded/ETM 8.55%

Insured/Guaranteed

Guaranteed 0.77%

SUBTOTAL 0.77%

Asset-Backed

Housing - Multi-Family 0.32%

SUBTOTAL 0.32%

Cash Equivalents

Investment Companies 0.22%

SUBTOTAL 0.22%

Total 100.00%

State Breakdown Portfolio %

New York 12.35%

California 10.38%

Illinois 10.22%

New Jersey 8.04%

Pennsylvania 7.34%

Connecticut 5.42%

Florida 5.41%

Texas 4.55%

Michigan 3.85%

South Carolina 3.13%

Wisconsin 2.50%

Alabama 2.44%

Nebraska 2.16%

Massachusetts 2.00%

Colorado 1.84%

Oklahoma 1.77%

North Carolina 1.61%

Minnesota 1.51%

Tennessee 1.36%

Arizona 1.31%

Utah 1.20%

Maryland 1.09%

Georgia 1.08%

Ohio 1.04%

District of Columbia 0.96%

Kansas 0.86%

Guam 0.84%

Kentucky 0.81%

West Virginia 0.67%

Puerto Rico 0.52%

Hawaii 0.41%

Arkansas 0.32%

Indiana 0.19%

Iowa 0.19%

Louisiana 0.18%

New Hampshire 0.13%

Oregon 0.10%

Other 0.22%

Total Investments 100.00%

Credit Quality Breakdown Portfolio %

AAA 5.46%

AA 28.09%

A 37.17%

BBB 17.73%

BB 1.73%

D 0.27%

Not Rated 0.78%

Pre-refunded Bonds 8.55%

Short-Term Investments 0.22%

Total Investments 100.00%

Bonds By Maturity Portfolio %

Less than 1 year 0.22%

1 to 5 years 1.18%

5 to 10 years 23.41%

10 to 20 years 36.17%

20 to 30 years 34.64%

More Than 30 years 4.38%

Other 0.00%

Total Investments 100.00%

Portfolio Statistics:

AMT Percent: 9.84%

Average Coupon: 5.04%

Percentage of Leverage:

Bank Borrowing: 0.00%

Investment Operations: 0.00%

Auction Preferred Shares (APS): 0.00%

Tender Option Bonds: 3.89%

Variable Rate MuniFund Term Preferred Shares (VMTPs): 34.51%

Total Fund Leverage: 38.40%*

Average Effective Maturity: 4.98 Years

Effective Duration: 4.49 Years

Total Net Assets: $448.54 Million**

Common Stock Net Asset Value: $15.24

Number of Holdings: 175

Portfolio Turnover: 6%

* The total percentage of leverage constitutes 3.89% through the use of tenderoption bonds, 34.51% in issued and outstanding VMTPs and 0.00% in investmentoperations, which may include the use of certain portfolio managementtechniques such as credit default swaps, dollar rolls, negative cash, reverserepurchase 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 liabilityfor financial reporting purposes.

The foregoing portfolio characteristics are as of the date indicated and can beexpected to change. The Fund is a closed-end U.S.-registered managementinvestment company advised by AllianceBernstein L. P.

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SOURCE AllianceBernstein National Municipal Income Fund, Inc.