PR Newswire | May 21, 2021 04:06PM EDT

Update

05/21 15:06 CDT

AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update NEW YORK, May 21, 2021

NEW YORK, May 21, 2021 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB) (the "Fund") today released its monthly portfolio update as of April 30,2021.

AllianceBernstein National Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings Portfolio %

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

2) State of Connecticut Special Tax Revenue Series 2012 5.00%, 1/01/29 2.14%

3) Central Plains Energy Project (Goldman Sachs Group, Inc. (The)) Series 2.06%2017A 5.00%, 9/01/42

4) Jefferson County Board of Education/AL Series 2018 5.00%, 2/01/46 1.77%

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

6) Detroit Downtown Development Authority AGM Series 2018A 5.00%, 7/01/48 1.61%

7) Los Angeles Department of Water & Power Power System Revenue Series 1.58%2013B 5.00%, 7/01/30

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

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

10) Miami Beach Health Facilities Authority (Mount Sinai Medical Center of 1.46%Florida, Inc.) Series 2014 5.00%, 11/15/39

Sector/Industry Breakdown Portfolio %

Revenue

Health Care - Not-for-Profit 21.99%

Airport 8.09%

Toll Roads/Transit 6.40%

Electric Utility 4.75%

Revenue - Miscellaneous 4.68%

Prepay Energy 2.71%

Water & Sewer 2.60%

Tobacco Securitization 1.53%

Higher Education - Public 1.03%

Primary/Secondary Ed. - Public 0.93%

Higher Education - Private 0.77%

Port 0.69%

Industrial Development - Utility 0.47%

Senior Living 0.25%

Industrial Development - Industry 0.19%

SUBTOTAL 57.08%

Tax Supported

Special Tax 17.95%

State G.O. 7.76%

Local G.O. 2.49%

Tax-Supported State Lease 2.45%

Assessment District 2.10%

Tax-Supported Local Lease 0.55%

SUBTOTAL 33.30%

Prerefunded/ETM 8.24%

Insured/Guaranteed

Guaranteed 0.77%

SUBTOTAL 0.77%

Asset-Backed

Housing - Multi-Family 0.49%

SUBTOTAL 0.49%

Cash Equivalents

Investment Companies 0.12%

SUBTOTAL 0.12%

Total 100.00%

State Breakdown Portfolio %

New York 12.02%

California 10.82%

Illinois 10.31%

New Jersey 8.24%

Pennsylvania 7.74%

Connecticut 5.41%

Florida 5.41%

Texas 4.40%

Michigan 3.84%

South Carolina 3.12%

Wisconsin 2.87%

Alabama 2.45%

Nebraska 2.06%

Colorado 1.84%

Oklahoma 1.80%

North Carolina 1.59%

Minnesota 1.51%

Tennessee 1.37%

Arizona 1.31%

Massachusetts 1.26%

Utah 1.20%

Maryland 1.09%

Georgia 1.08%

Ohio 1.05%

District of Columbia 0.96%

Kansas 0.86%

Guam 0.85%

Kentucky 0.81%

West Virginia 0.66%

Puerto Rico 0.52%

Hawaii 0.41%

Arkansas 0.32%

Indiana 0.20%

Iowa 0.19%

Louisiana 0.18%

New Hampshire 0.13%

Other 0.12%

Total Investments 100.00%

Credit Quality Breakdown Portfolio %

AAA 5.36%

AA 31.66%

A 33.16%

BBB 18.34%

BB 2.07%

D 0.28%

Not Rated 0.77%

Pre-refunded Bonds 8.24%

Short-Term Investments 0.12%

Total Investments 100.00%

Bonds By Maturity Portfolio %

Less than 1 year 0.12%

1 to 5 years 1.08%

5 to 10 years 23.14%

10 to 20 years 35.63%

20 to 30 years 34.60%

More Than 30 years 5.43%

Other 0.00%

Total Investments 100.00%

Portfolio Statistics:

AMT Percent: 9.82%

Average Coupon: 5.05%

Percentage of Leverage:

Bank Borrowing: 0.00%

Investment Operations: 0.33%

Auction Preferred Shares (APS): 0.00%

Tender Option Bonds: 3.94%

Variable Rate MuniFund Term Preferred Shares (VMTPs): 34.83%

Total Fund Leverage: 39.10%*

Average Effective Maturity: 4.85 Years

Effective Duration: 4.13 Years

Total Net Assets: $445.45 Million**

Common Stock Net Asset Value: $15.29

Number of Holdings: 178

Portfolio Turnover: 6%

* The total percentage of leverage constitutes 3.94% through the use of tenderoption bonds, 34.83% in issued and outstanding VMTPs and 0.330% 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.