PR Newswire | Aug 23, 2021 01:24PM EDT

Update

08/23 12:23 CDT

AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update NEW YORK, Aug. 23, 2021

NEW YORK, Aug. 23, 2021 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. [NYSE: AFB] (the "Fund") today released its monthly portfolio update as of July 31, 2021.

AllianceBernstein National Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings Portfolio %

1) Metropolitan Transportation Authority (Metropolitan Transportation 2.47%Authority Ded Tax) Series 2016A 5.25%,

2) Central Plains Energy Project (Goldman Sachs Group, Inc. (The)) Series 2.15%2017A 5.00%, 9/01/42

3) State of Connecticut Special Tax Revenue Series 2012 5.00%, 1/01/29 2.09%

4) Jefferson County Board of Education/AL Series 2018 5.00%, 2/01/46 1.75%

5) Wisconsin Public Finance Authority AGM Series 2018 5.00%, 7/01/58 1.70%

6) Detroit Downtown Development Authority AGM Series 2018A 5.00%, 7/01/48 1.58%

7) Metropolitan Pier & Exposition Authority Series 2020 5.00%, 6/15/50 1.55%

8) Los Angeles Department of Water & Power Power System Revenue Series 1.54%2013B 5.00%, 7/01/30

9) Tobacco Settlement Financing Corp./NJ Series 2018A 5.00%, 6/01/46 1.54%

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 22.06%

Airport 8.03%

Toll Roads/Transit 6.31%

Electric Utility 5.23%

Revenue - Miscellaneous 4.68%

Prepay Energy 2.79%

Water & Sewer 2.12%

Tobacco Securitization 1.54%

Higher Education - Public 1.00%

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 57.22%

Tax Supported

Special Tax 17.74%

State G.O. 7.72%

Local G.O. 2.48%

Tax-Supported State Lease 2.44%

Assessment District 2.06%

Tax-Supported Local Lease 0.55%

SUBTOTAL 32.99%

Prerefunded/ETM 8.82%

Asset-Backed

Housing - Multi-Family 0.66%

SUBTOTAL 0.66%

Cash Equivalents

Investment Companies 0.31%

SUBTOTAL 0.31%

Total 100.00%

State Breakdown Portfolio %

New York 11.40%

California 10.62%

Illinois 10.38%

New Jersey 8.16%

Pennsylvania 7.69%

Florida 5.38%

Connecticut 5.31%

Texas 4.36%

Michigan 3.77%

South Carolina 3.09%

Wisconsin 2.93%

Alabama 2.44%

Nebraska 2.15%

Colorado 1.82%

Oklahoma 1.80%

Georgia 1.63%

North Carolina 1.59%

Minnesota 1.52%

Massachusetts 1.39%

Tennessee 1.39%

Arizona 1.30%

Utah 1.20%

Maryland 1.08%

Ohio 1.05%

District of Columbia 0.94%

Kansas 0.87%

Guam 0.83%

Kentucky 0.80%

West Virginia 0.67%

Puerto Rico 0.53%

Hawaii 0.41%

Arkansas 0.32%

Indiana 0.19%

Iowa 0.19%

Louisiana 0.18%

Washington 0.17%

New Hampshire 0.14%

Other 0.31%

Total Investments 100.00%

Credit Quality Breakdown Portfolio %

AAA 5.73%

AA 30.84%

A 33.42%

BBB 18.80%

BB 2.24%

D 0.28%

Not Rated 0.79%

Pre-refunded Bonds 7.59%

Short-Term Investments 0.31%

Total Investments 100.00%

Bonds By Maturity Portfolio %

Less than 1 year 0.31%

1 to 5 years 1.79%

5 to 10 years 22.97%

10 to 20 years 28.11%

20 to 30 years 35.96%

More Than 30 years 4.93%

Other 5.93%

Total Investments 100.00%

Portfolio Statistics:

AMT Percent: 9.84%

Average Coupon: 5.03%

Percentage of Leverage:

Bank Borrowing: 0.00%

Investment Operations: 0.33%

Auction Preferred Shares (APS): 0.00%

Tender Option Bonds: 3.88%

Variable Rate MuniFund Term Preferred Shares (VMTPs): 34.33%

Total Fund Leverage: 38.54%*

Average Effective Maturity: 4.66 Years

Effective Duration: 4.28 Years

Total Net Assets: $451.76 Million**

Common Stock Net Asset Value: $15.72

Number of Holdings: 184

Portfolio Turnover: 6%

* The total percentage of leverage constitutes 3.88% through the use of tenderoption bonds, 34.33% 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.