PR Newswire | Sep 21, 2020 04:06PM EDT

Update

09/21 15:06 CDT

AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update NEW YORK, Sept. 21, 2020

NEW YORK, Sept. 21, 2020 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc.[NYSE: AFB] (the "Fund") today released its monthly portfolio update as of August 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 2.45%/35

2) State of Connecticut Special Tax Revenue Series 2012 2.22%5.00%, 1/01/29

3) Central Plains Energy Project (Goldman Sachs Group, Inc. 2.02%(The)) Series 2017A 5.00%, 9/01/42

4) Massachusetts School Building Authority Series 2011B 1.99%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) 1.68%AGM 5.00%, 7/01/58

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

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

9) Tobacco Settlement Financing Corp. Series 2018A 5.00%, 1.53%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 20.89%

Airport 8.08%

Toll Roads/Transit 6.97%

Electric Utility 4.86%

Revenue - Miscellaneous 4.74%

Water & Sewer 3.00%

Prepay Energy 2.70%

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 0.18%

SUBTOTAL 57.11%

Tax Supported

Special Tax 17.91%

State G.O. 7.68%

Local G.O. 3.31%

Tax-Supported State Lease 2.37%

Assessment District 2.12%

Tax-Supported Local Lease 0.56%

SUBTOTAL 33.95%

Prerefunded/ETM 7.32%

Insured/Guaranteed

Guaranteed 0.78%

SUBTOTAL 0.78%

Cash Equivalents

Investment Companies 0.53%

SUBTOTAL 0.53%

Asset-Backed

Housing - Multi-Family 0.31%

SUBTOTAL 0.31%

Total 100.00%

State Breakdown Portfolio %

New York 12.54%

California 10.68%

Illinois 9.98%

New Jersey 7.72%

Pennsylvania 7.32%

Connecticut 5.55%

Florida 5.45%

Texas 4.66%

Michigan 3.89%

South Carolina 3.13%

Alabama 2.44%

Massachusetts 2.39%

Nebraska 2.02%

Colorado 1.85%

Oklahoma 1.77%

Wisconsin 1.68%

North Carolina 1.60%

Minnesota 1.49%

Tennessee 1.37%

Arizona 1.33%

Utah 1.19%

Georgia 1.09%

Maryland 1.09%

Ohio 1.03%

District of Columbia 0.99%

Guam 0.86%

Kansas 0.86%

Kentucky 0.83%

West Virginia 0.67%

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 0.53%

Total Investments 100.00%

Credit Quality Breakdown Portfolio %

AAA 5.61%

AA 28.84%

A 37.61%

BBB 17.38%

BB 1.70%

D 0.27%

Not Rated 0.74%

Pre-refunded Bonds 7.32%

Short-Term Investments 0.53%

Total Investments 100.00%

Bonds By Maturity Portfolio %

Less than 1 year 0.53%

1 to 5 years 1.05%

5 to 10 years 22.10%

10 to 20 years 36.26%

20 to 30 years 35.05%

More Than 30 years 5.01%

Other 0.00%

Total Investments 100.00%

Portfolio Statistics:

AMT Percent: 10.20%

Average Coupon: 5.05%

Percentage of Leverage:

Bank Borrowing: 0.00%

Investment Operations: 0.00%

Auction Preferred Shares (APS): 0.00%

Tender Option Bonds: 3.98%

Variable Rate MuniFund Term Preferred Shares (VMTPs): 35.22%

Total Fund Leverage: 39.20%*

Average Effective Maturity: 5.30 Years

Effective Duration: 4.71 Years

Total Net Assets: $435.61 Million**

Common Stock Net Asset Value: $15.15

Number of Holdings: 171

Portfolio Turnover: 14%

* The total percentage of leverage constitutes 3.98% through the use of tenderoption bonds, 35.22% 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.