PR Newswire | Apr 26, 2021 04:06PM EDT

Update

04/26 15:06 CDT

AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update NEW YORK, April 26, 2021

NEW YORK, April 26, 2021 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB) (the "Fund") today released its monthly portfolio update as of March 31,2021.

AllianceBernstein National Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings Portfolio %

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

2) State of Connecticut Special Tax Revenue Series 2012 5.00%, 1 2.17%/01/29

3) Central Plains Energy Project (Goldman Sachs Group, Inc. (The)) 2.03%Series 2017A 5.00%, 9/01/42

4) Jefferson County Board of Education/AL Series 2018 5.00%, 2/ 1.73%01/46

5) Wisconsin Public Finance Authority(CHF - Wilmington LLC) AGM 1.68%5.00%, 7/01/58

6) Detroit Downtown Development Authority AGM Series 2018A 5.00%, 1.63%7/01/48

7) Los Angeles Department of Water & Power Power System Revenue 1.60%Series 2013B 5.00%, 7/01/30

8) Tobacco Settlement Financing Corp./NJ Series 2018A 5.00%, 6/ 1.53%01/46

9) Metropolitan Pier & Exposition Authority 5.00%, 6/15/50 1.51%

10) Miami Beach Health Facilities Authority (Mount Sinai Medical 1.47%Center of Florida, Inc.) Series 2014 5.00%, 11/15/39

Sector/Industry Breakdown Portfolio %

Revenue

Health Care - Not-for-Profit 21.62%

Airport 8.05%

Toll Roads/Transit 6.43%

Electric Utility 4.79%

Revenue - Miscellaneous 4.78%

Prepay Energy 2.69%

Water & Sewer 2.63%

Tobacco Securitization 1.53%

Higher Education - Public 1.04%

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 56.85%

Tax Supported

Special Tax 18.02%

State G.O. 7.75%

Local G.O. 2.51%

Tax-Supported State Lease 2.43%

Assessment District 2.12%

Tax-Supported Local Lease 0.56%

SUBTOTAL 33.39%

Prerefunded/ETM 8.34%

Insured/Guaranteed

Guaranteed 0.77%

SUBTOTAL 0.77%

Asset-Backed

Housing - Multi-Family 0.33%

SUBTOTAL 0.33%

Commercial Mortgage-Backed Securities 0.17%

Cash Equivalents

Investment Companies 0.15%

SUBTOTAL 0.15%

Total 100.00%

State Breakdown Portfolio %

New York 12.13%

California 10.61%

Illinois 10.25%

New Jersey 8.25%

Pennsylvania 7.69%

Connecticut 5.46%

Florida 5.43%

Texas 4.43%

Michigan 3.87%

South Carolina 3.12%

Wisconsin 2.87%

Alabama 2.41%

Nebraska 2.03%

Colorado 1.85%

Oklahoma 1.76%

North Carolina 1.60%

Minnesota 1.51%

Tennessee 1.36%

Arizona 1.31%

Massachusetts 1.28%

Utah 1.19%

Maryland 1.10%

Georgia 1.08%

Ohio 1.05%

District of Columbia 0.97%

Guam 0.86%

Kansas 0.86%

Kentucky 0.82%

West Virginia 0.66%

Puerto Rico 0.51%

Hawaii 0.41%

Arkansas 0.32%

Indiana 0.20%

Iowa 0.19%

Louisiana 0.18%

New Hampshire 0.13%

Oregon 0.10%

Other 0.15%

Total Investments 100.00%

Credit Quality Breakdown Portfolio %

AAA 5.51%

AA 31.52%

A 33.09%

BBB 18.26%

BB 2.08%

D 0.28%

Not Rated 0.77%

Pre-refunded Bonds 8.34%

Short-Term Investments 0.15%

Total Investments 100.00%

Bonds By Maturity Portfolio %

Less than 1 year 0.15%

1 to 5 years 1.19%

5 to 10 years 23.36%

10 to 20 years 35.75%

20 to 30 years 34.46%

More Than 30 years 5.09%

Other 0.00%

Total Investments 100.00%

Portfolio Statistics:

AMT Percent: 9.81%

Average Coupon: 4.99%

Percentage of Leverage:

Bank Borrowing: 0.00%

Investment Operations: 0.00%

Auction Preferred Shares (APS): 0.00%

Tender Option Bonds: 3.96%

Variable Rate MuniFund Term Preferred Shares (VMTPs): 35.07%

Total Fund Leverage: 39.03%*

Average Effective Maturity: 4.87 Years

Effective Duration: 4.41 Years

Total Net Assets: $439.65 Million**

Common Stock Net Asset Value: $15.29

Number of Holdings: 178

Portfolio Turnover: 6%

* The total percentage of leverage constitutes 3.96% through the use of tenderoption bonds, 35.07% 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.