PR Newswire | Nov 23, 2020 04:24PM EST

Update

11/23 15:23 CST

AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update NEW YORK, Nov. 23, 2020

NEW YORK, Nov. 23, 2020 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. [NYSE: AFB] (the "Fund") today released its monthly portfolio update as of October 31, 2020.

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 2.47%/35

2) State of Connecticut Special Tax Revenue Series 2012 2.23%5.00%, 1/01/29

3) Central Plains Energy Project Goldman Sachs Group, Inc. 2.00%(The) Series 2017A 5.00%, 9/01/42

4) Massachusetts School Building Authority Series 2011B 2.00%5.00%, 10/15/32 (Prerefunded/ETM)

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

6) Wisconsin Public Finance Authority(CHF - Wilmington LLC) 1.69%AGM 5.00%, 7/01/58

7) Los Angeles Department of Water & Power Power System 1.65%Revenue Series 2013B 5.00%, 7/01/30

8) Detroit Downtown Development Authority AGM Series 2018A 1.64%5.00%, 7/01/48

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

10) Miami Beach Health Facilities Authority (Mount SinaiMedical Center of Florida, Inc.) Series 2014 5.00%, 11/15/ 1.49%39

Sector/Industry Breakdown Portfolio %

Revenue

Health Care - Not-for-Profit 20.97%

Airport 8.08%

Toll Roads/Transit 7.00%

Electric Utility 4.89%

Revenue - Miscellaneous 4.77%

Water & Sewer 3.01%

Prepay Energy 2.68%

Tobacco Securitization 1.53%

Higher Education - Public 1.07%

Primary/Secondary Ed. - Public 0.93%

Higher Education - Private 0.74%

Port 0.71%

Industrial Development - Utility 0.47%

Senior Living 0.24%

Industrial Development - Industry 0.19%

SUBTOTAL 57.28%

Tax Supported

Special Tax 17.98%

State G.O. 7.61%

Local G.O. 3.32%

Tax-Supported State Lease 2.36%

Assessment District 2.13%

Tax-Supported Local Lease 0.56%

SUBTOTAL 33.96%

Prerefunded/ETM 7.36%

Insured/Guaranteed

Guaranteed 0.79%

SUBTOTAL 0.79%

Asset-Backed

Housing - Multi-Family 0.32%

SUBTOTAL 0.32%

Cash Equivalents

Investment Companies 0.29%

SUBTOTAL 0.29%

Total 100.00%

State Breakdown Portfolio %

New York 12.55%

California 10.73%

Illinois 9.86%

New Jersey 7.73%

Pennsylvania 7.34%

Connecticut 5.58%

Florida 5.49%

Texas 4.68%

Michigan 3.93%

South Carolina 3.15%

Alabama 2.44%

Massachusetts 2.40%

Nebraska 2.00%

Colorado 1.85%

Minnesota 1.79%

Oklahoma 1.78%

Wisconsin 1.69%

North Carolina 1.62%

Tennessee 1.37%

Arizona 1.33%

Utah 1.18%

Georgia 1.10%

Maryland 1.10%

Ohio 1.05%

District of Columbia 0.99%

Guam 0.87%

Kansas 0.86%

Kentucky 0.83%

West Virginia 0.67%

Puerto Rico 0.50%

Hawaii 0.42%

Arkansas 0.33%

Indiana 0.20%

Iowa 0.19%

Louisiana 0.17%

New Hampshire 0.13%

Oregon 0.10%

Total Investments 100.00%

Credit Quality Breakdown Portfolio %

AAA 5.65%

AA 28.54%

A 38.13%

BBB 17.30%

BB 1.70%

D 0.28%

Not Rated 0.75%

Pre-refunded Bonds 7.36%

Short-Term Investments 0.29%

Total Investments 100.00%

Bonds By Maturity Portfolio %

Less than 1 year 0.29%

1 to 5 years 1.21%

5 to 10 years 21.99%

10 to 20 years 36.40%

20 to 30 years 35.06%

More Than 30 years 5.05%

Other 0.00%

Total Investments 100.00%

Portfolio Statistics:

AMT Percent: 10.13%

Average Coupon: 5.06%

Percentage of Leverage:

Bank Borrowing: 0.00%

Investment Operations: 0.00%

Auction Preferred Shares (APS): 0.00%

Tender Option Bonds: 4.03%

Variable Rate MuniFund Term Preferred Shares (VMTPs): 35.69%

Total Fund Leverage: 39.72%*

Average Effective Maturity: 5.27 Years

Effective Duration: 4.67 Years

Total Net Assets: $429.46 Million**

Common Stock Net Asset Value: $14.94

Number of Holdings: 171

Portfolio Turnover: 14%

* The total percentage of leverage constitutes 4.03% through the use of tenderoption bonds, 35.69% 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.