PR Newswire | Jul 27, 2020 04:06PM EDT

Update

07/27 15:06 CDT

AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update NEW YORK, July 27, 2020

NEW YORK, July 27, 2020 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc.[NYSE: AFB] (the "Fund") today released its monthly portfolio update as of June 30,2020.

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 2.48%/35

2) State of Connecticut Special Tax Revenue Series 2012 2.25%5.00%, 1/01/29

3) Massachusetts School Building Authority Series 2011B 2.03%5.00%, 10/15/32 (Prerefunded/ETM)

4) Central Plains Energy Project (Goldman Sachs Group, Inc. 1.99%(The)) Series 2017A 5.00%, 9/01/42

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 1.67%Revenue Series 2013B 5.00%, 7/01/30

8) Detroit Downtown Development Authority AGM Series 2018A 1.65%5.00%, 7/01/48

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

10) Miami Beach Health Facilities Authority (Mount SinaiMedical Center of Florida, Inc.) Series 2014 5.00%, 11/15/ 1.48%39

Sector/Industry Breakdown Portfolio %

Revenue

Health Care - Not-for-Profit 19.83%

Airport 8.89%

Toll Roads/Transit 6.99%

Electric Utility 4.90%

Revenue - Miscellaneous 4.69%

Water & Sewer 3.04%

Prepay Energy 2.67%

Tobacco Securitization 1.52%

Higher Education - Public 1.08%

Higher Education - Private 0.74%

Port 0.71%

Industrial Development - Utility 0.47%

Primary/Secondary Ed. - Public 0.27%

Senior Living 0.24%

Industrial Development - Industry 0.18%

SUBTOTAL 56.22%

Tax Supported

Special Tax 18.41%

State G.O. 7.65%

Local G.O. 3.32%

Tax-Supported State Lease 2.33%

Assessment District 2.15%

Tax-Supported Local Lease 0.57%

SUBTOTAL 34.43%

Prerefunded/ETM 7.57%

Insured/Guaranteed

Guaranteed 0.79%

SUBTOTAL 0.79%

Cash Equivalents

Investment Companies 0.68%

SUBTOTAL 0.68%

Collateralized Mortgage Obligations 0.31%

Total 100.00%

State Breakdown Portfolio %

New York 11.58%

California 10.82%

Illinois 9.85%

Pennsylvania 7.83%

New Jersey 7.70%

Connecticut 5.62%

Florida 5.48%

Texas 4.69%

Michigan 3.94%

South Carolina 3.13%

Alabama 2.46%

Massachusetts 2.43%

Nebraska 1.99%

Colorado 1.86%

Oklahoma 1.79%

Wisconsin 1.69%

North Carolina 1.58%

Minnesota 1.50%

Tennessee 1.31%

Utah 1.21%

Hawaii 1.15%

Georgia 1.10%

Maryland 1.08%

Ohio 1.02%

District of Columbia 1.00%

Guam 0.87%

Kansas 0.86%

Kentucky 0.82%

Arizona 0.68%

West Virginia 0.66%

Puerto Rico 0.50%

Arkansas 0.33%

Indiana 0.20%

Iowa 0.18%

Louisiana 0.17%

New Hampshire 0.13%

Oregon 0.11%

Other 0.68%

Total Investments 100.00%

Credit Quality Breakdown Portfolio %

AAA 6.08%

AA 28.82%

A 37.08%

BBB 17.08%

BB 1.69%

D 0.27%

Not Rated 0.73%

Pre-refunded Bonds 7.57%

Short-Term Investments 0.68%

Total Investments 100.00%

Bonds By Maturity Portfolio %

Less than 1 year 0.68%

1 to 5 years 1.06%

5 to 10 years 18.39%

10 to 20 years 41.36%

20 to 30 years 33.98%

More Than 30 years 4.53%

Other 0.00%

Total Investments 100.00%

Portfolio Statistics:

AMT Percent: 10.30%

Average Coupon: 5.12%

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): 35.70%

Total Fund Leverage: 39.73%*

Average Effective Maturity: 5.40 Years

Effective Duration: 4.76 Years

Total Net Assets: $428.26 Million**

Common Stock Net Asset Value: $14.52

Number of Holdings: 169

Portfolio Turnover: 14%

* The total percentage of leverage constitutes 4.03% through the use of tenderoption bonds, 35.70% 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.