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

Update

06/21 15:06 CDT

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

NEW YORK, June 21, 2021 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc.[NYSE: AFB] (the "Fund") today released its monthly portfolio update as of May 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/ 2.48%35

2) State of Connecticut Special Tax Revenue Series 2012 2.12%5.00%, 1/01/29

3) Central Plains Energy Project (Goldman Sachs Group, Inc. 2.11%(The)) Series 2017A 5.00%, 9/01/42

4) Jefferson County Board of Education/AL Series 2018 1.76%5.00%, 2/01/46

5) Wisconsin Public Finance Authority(CHF - Wilmington LLC) 1.67%AGM 5.00%, 7/01/58

6) Detroit Downtown Development Authority AGM Series 2018A 1.60%5.00%, 7/01/48

7) Los Angeles Department of Water & Power Power System 1.57%Revenue Series 2013B 5.00%, 7/01/30

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

9) Metropolitan Pier & Exposition Authority 5.00%, 6/15/50 1.53%

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

Sector/Industry Breakdown Portfolio %

Revenue

Health Care - Not-for-Profit 22.01%

Airport 8.09%

Toll Roads/Transit 6.37%

Electric Utility 4.72%

Revenue - Miscellaneous 4.66%

Prepay Energy 2.76%

Water & Sewer 2.57%

Tobacco Securitization 1.53%

Higher Education - Public 1.02%

Higher Education - Private 0.93%

Primary/Secondary Ed. - Public 0.93%

Port 0.69%

Industrial Development - Utility 0.46%

Senior Living 0.26%

Industrial Development - Industry 0.19%

SUBTOTAL 57.19%

Tax Supported

Special Tax 17.85%

State G.O. 7.72%

Local G.O. 2.49%

Tax-Supported State Lease 2.44%

Assessment District 2.08%

Tax-Supported Local Lease 0.55%

SUBTOTAL 33.13%

Prerefunded/ETM 8.16%

Insured/Guaranteed

Guaranteed 0.77%

SUBTOTAL 0.77%

Asset-Backed

Housing - Multi-Family 0.66%

SUBTOTAL 0.66%

Cash Equivalents

Investment Companies 0.09%

SUBTOTAL 0.09%

Total 100.00%

State Breakdown Portfolio %

New York 11.98%

California 10.73%

Illinois 10.32%

New Jersey 8.20%

Pennsylvania 7.72%

Florida 5.40%

Connecticut 5.37%

Texas 4.38%

Michigan 3.81%

South Carolina 3.10%

Wisconsin 2.88%

Alabama 2.44%

Nebraska 2.11%

Colorado 1.83%

Oklahoma 1.81%

North Carolina 1.60%

Minnesota 1.51%

Massachusetts 1.41%

Tennessee 1.36%

Arizona 1.30%

Utah 1.21%

Maryland 1.09%

Georgia 1.07%

Ohio 1.05%

District of Columbia 0.95%

Kansas 0.85%

Guam 0.84%

Kentucky 0.81%

West Virginia 0.66%

Puerto Rico 0.52%

Hawaii 0.41%

Arkansas 0.32%

Indiana 0.19%

Iowa 0.19%

Louisiana 0.18%

Washington 0.17%

New Hampshire 0.14%

Other 0.09%

Total Investments 100.00%

Credit Quality Breakdown Portfolio %

AAA 5.32%

AA 31.49%

A 33.15%

BBB 18.49%

BB 2.24%

D 0.28%

Not Rated 0.78%

Pre-refunded Bonds 8.16%

Short-Term Investments 0.09%

Total Investments 100.00%

Bonds By Maturity Portfolio %

Less than 1 year 0.09%

1 to 5 years 1.81%

5 to 10 years 23.25%

10 to 20 years 34.60%

20 to 30 years 35.13%

More Than 30 years 5.12%

Other 0.00%

Total Investments 100.00%

Portfolio Statistics:

AMT Percent: 9.83%

Average Coupon: 5.01%

Percentage of Leverage:

Bank Borrowing: 0.00%

Investment Operations: 0.50%

Auction Preferred Shares (APS): 0.00%

Tender Option Bonds: 3.92%

Variable Rate MuniFund Term Preferred Shares (VMTPs): 34.68%

Total Fund Leverage: 39.10%*

Average Effective Maturity: 4.83 Years

Effective Duration: N/A

Total Net Assets: $447.71 Million**

Common Stock Net Asset Value: $15.58

Number of Holdings: 180

Portfolio Turnover: 6%

* The total percentage of leverage constitutes 3.92% through the use of tenderoption bonds, 34.68% in issued and outstanding VMTPs and 0.500% 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 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.