PR Newswire | Oct 25, 2021 04:06PM EDT

Update

10/25 15:06 CDT

AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update NEW YORK, Oct. 25, 2021

NEW YORK, Oct. 25, 2021 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc.[NYSE: AFB] (the "Fund") today released its monthly portfolio update as of September 30, 2021.

AllianceBernstein National Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings Portfolio %

1) Metropolitan Transportation Authority (MetropolitanTransportation Authority Dedicated Tax Fund) Series 2016-A 2.48%5.25%, 11/15/35

2) State of Connecticut Special Tax Revenue Series 2012-A 2.11%5.00%, 1/01/29

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

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

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

6) Detroit Downtown Development Authority AGM Series 2018A 1.59%5.00%, 7/01/48

7) Los Angeles Department of Water & Power Power System 1.56%Revenue Series 2013-B 5.00%, 7/01/30

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

9) Metropolitan Pier & Exposition Authority Series 2020 1.51%5.00%, 6/15/50

10) Miami Beach Health Facilities Authority (Mount Sinai 1.47%Medical Center of Florida, Inc.) Series 2014 5.00%, 11/15/39

Sector/Industry Breakdown Portfolio %

Revenue

Health Care - Not-for-Profit 22.05%

Airport 8.06%

Toll Roads/Transit 6.34%

Electric Utility 5.24%

Revenue - Miscellaneous 4.71%

Prepay Energy 2.72%

Water & Sewer 2.13%

Tobacco Securitization 1.53%

Primary/Secondary Ed. - Public 1.08%

Higher Education - Public 1.01%

Higher Education - Private 0.93%

Port 0.69%

Industrial Development - Utility 0.46%

Senior Living 0.26%

Industrial Development - Industry 0.19%

SUBTOTAL 57.40%

Tax Supported

Special Tax 17.36%

State G.O. 7.72%

Local G.O. 2.48%

Tax-Supported State Lease 2.45%

Assessment District 2.08%

Tax-Supported Local Lease 0.55%

SUBTOTAL 32.64%

Prerefunded/ETM 9.27%

Asset-Backed

Housing - Multi-Family 0.66%

SUBTOTAL 0.66%

Cash Equivalents

Investment Companies 0.03%

SUBTOTAL 0.03%

Total 100.00%

State Breakdown Portfolio %

New York 11.50%

California 10.69%

Illinois 10.32%

New Jersey 8.35%

Pennsylvania 7.70%

Connecticut 5.34%

Florida 5.00%

Texas 4.74%

Michigan 3.80%

South Carolina 3.09%

Wisconsin 2.90%

Alabama 2.44%

Nebraska 2.07%

Colorado 1.82%

Oklahoma 1.81%

Georgia 1.62%

North Carolina 1.60%

Minnesota 1.51%

Massachusetts 1.40%

Tennessee 1.39%

Arizona 1.29%

Utah 1.20%

Maryland 1.08%

Ohio 1.06%

District of Columbia 0.95%

Kansas 0.86%

Guam 0.83%

Kentucky 0.81%

West Virginia 0.67%

Puerto Rico 0.53%

Hawaii 0.41%

Arkansas 0.33%

Indiana 0.19%

Iowa 0.19%

Louisiana 0.18%

Washington 0.17%

New Hampshire 0.13%

Other 0.03%

Total Investments 100.00%

Credit Quality Breakdown Portfolio %

AAA 4.54%

AA 30.20%

A 33.37%

BBB 19.28%

BB 2.24%

D 0.28%

Not Rated 0.79%

Pre-refunded Bonds 9.27%

Short-Term Investments 0.03%

Total Investments 100.00%

Bonds By Maturity Portfolio %

Less than 1 year 0.03%

1 to 5 years 1.67%

5 to 10 years 22.88%

10 to 20 years 34.17%

20 to 30 years 36.18%

More Than 30 years 5.07%

Other 0.00%

Total Investments 100.00%

Portfolio Statistics:

AMT Percent: 9.87%

Average Coupon: 5.04%

Percentage of Leverage:

Bank Borrowing: 0.00%

Investment Operations: 0.34%

Auction Preferred Shares (APS): 0.00%

Tender Option Bonds: 3.95%

Variable Rate MuniFund Term Preferred Shares (VMTPs): 34.97%

Total Fund Leverage: 39.26%*

Average Effective Maturity: 4.54 Years

Effective Duration: 4.15 Years

Total Net Assets: $441.27 Million**

Common Stock Net Asset Value: $15.35

Number of Holdings: 184

Portfolio Turnover: 6%

* The total percentage of leverage constitutes 3.95% through the use of tenderoption bonds, 34.97% in issued and outstanding VMTPs and 0.340% 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 be expected to change. The Fund is a closed-end U.S.-registered management investment company advised by AllianceBernstein L. P.

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SOURCE AllianceBernstein National Municipal Income Fund, Inc.