PR Newswire | Aug 24, 2020 04:06PM EDT

Update

08/24 15:06 CDT

AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update NEW YORK, Aug. 24, 2020

NEW YORK, Aug. 24, 2020 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc.[NYSE: AFB] (the "Fund") today released its monthly portfolio update as of July 31,2020.

AllianceBernstein National Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings Portfolio %

1) Metropolitan Transportation Authority (Metropolitan 2.47%Transportation Authority Ded Tax) Series 2016A 0.052%, 11/15/35

2) State of Connecticut Special Tax Revenue Series 2012 5.00%, 1 2.21%/01/29

3) Central Plains Energy Project (Goldman Sachs Group, Inc.(The)) 2.07%Series 2017A 5.00%, 9/01/42

4) Massachusetts School Building Authority Series 2011B 5.00%, 1.99%10/15/32 (Prerefunded/ETM)

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

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

7) Los Angeles Department of Water & Power Power System Revenue 1.64%Series 2013B 5.00%, 7/01/30

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

9) Tobacco Settlement Financing Corp. Series 2018A 5.00%, 6/01/ 1.52%46

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 19.75%

Airport 8.11%

Toll Roads/Transit 6.96%

Electric Utility 4.86%

Revenue - Miscellaneous 4.70%

Water & Sewer 2.99%

Prepay Energy 2.75%

Tobacco Securitization 1.52%

Higher Education - Public 1.07%

Higher Education - Private 0.75%

Port 0.71%

Industrial Development - Utility 0.47%

Primary/Secondary Ed. - Public 0.27%

Senior Living 0.24%

Industrial Development - Industry 0.18%

SUBTOTAL 55.33%

Tax Supported

Special Tax 17.90%

State G.O. 7.71%

Local G.O. 3.30%

Tax-Supported State Lease 2.37%

Assessment District 2.12%

Tax-Supported Local Lease 0.56%

SUBTOTAL 33.96%

Prerefunded/ETM 7.82%

Cash Equivalents

Investment Companies 1.80%

SUBTOTAL 1.80%

Insured/Guaranteed

Guaranteed 0.78%

SUBTOTAL 0.78%

Collateralized Mortgage Obligations 0.31%

Total 100.00%

State Breakdown Portfolio %

New York 11.47%

California 10.66%

Illinois 10.00%

Pennsylvania 7.81%

New Jersey 7.71%

Connecticut 5.54%

Florida 5.44%

Texas 4.65%

Michigan 3.88%

South Carolina 3.12%

Alabama 2.46%

Massachusetts 2.39%

Nebraska 2.07%

Colorado 1.85%

Oklahoma 1.79%

Wisconsin 1.69%

North Carolina 1.60%

Minnesota 1.50%

Tennessee 1.30%

Utah 1.20%

Georgia 1.10%

Maryland 1.07%

Ohio 1.03%

District of Columbia 0.99%

Guam 0.86%

Kansas 0.86%

Kentucky 0.83%

Arizona 0.67%

West Virginia 0.66%

Puerto Rico 0.50%

Hawaii 0.41%

Arkansas 0.32%

Indiana 0.19%

Iowa 0.18%

Louisiana 0.17%

New Hampshire 0.13%

Oregon 0.10%

Other 1.80%

Total Investments 100.00%

Credit Quality Breakdown Portfolio %

AAA 5.60%

AA 27.83%

A 36.97%

BBB 17.28%

BB 1.69%

D 0.27%

Not Rated 0.74%

Pre-refunded Bonds 7.82%

Short-Term Investments 1.80%

Total Investments 100.00%

Bonds By Maturity Portfolio %

Less than 1 year 1.80%

1 to 5 years 1.05%

5 to 10 years 20.87%

10 to 20 years 37.93%

20 to 30 years 33.81%

More Than 30 years 4.54%

Other 0.00%

Total Investments 100.00%

Portfolio Statistics:

AMT Percent: 10.23%

Average Coupon: 5.00%

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): 35.02%

Total Fund Leverage: 38.98%*

Average Effective Maturity: 5.22 Years

Effective Duration: 4.64 Years

Total Net Assets: $438.63 Million**

Common Stock Net Asset Value: $15.26

Number of Holdings: 168

Portfolio Turnover: 14%

* The total percentage of leverage constitutes 3.96% through the use of tenderoption bonds, 35.02% 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