PR Newswire | Nov 22, 2021 05:03PM EST

UPDATE

11/22 16:01 CST

AllianceBernstein National Municipal Income Fund RELEASES MONTHLY PORTFOLIO UPDATE NEW YORK, Nov. 22, 2021

NEW YORK, Nov. 22, 2021 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc.[NYSE: AFB] (the "Fund") today released its monthly portfolio update as of October 31, 2021.

AllianceBernstein National Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings Portfolio %

1) Metropolitan Transportation Authority (Metropolitan Transportation 2.49%Authority Dedicated Tax Fund) Series 2016-A 5.25%, 11/15/35

2) State of Connecticut Special Tax Revenue Series 2012-A 5.00%, 1/01/29 2.12%

3) Central Plains Energy Project (Goldman Sachs Group Inc/(The)) Series 2.08%2017-A 5.00%, 9/01/42

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

5) Wisconsin Public Finance Authority(CHF - Wilmington LLC) AGM Series 2018 1.70%5.00%, 7/01/58

6) Detroit Downtown Development Authority AGM Series 2018-A 5.00%, 7/01/48 1.60%

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

8) Tobacco Settlement Financing Corp./NJ Series 2018-A 5.00%, 6/01/46 1.51%

9) Metropolitan Pier & Exposition Authority Series 2020 5.00%, 6/15/50 1.50%

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

Sector/Industry Breakdown Portfolio %

Revenue

Health Care - Not-for-Profit 22.12%

Airport 7.78%

Revenue - Miscellaneous 5.99%

Toll Roads/Transit 5.76%

Electric Utility 5.25%

Prepay Energy 2.72%

Water & Sewer 2.14%

Higher Education - Private 1.69%

Tobacco Securitization 1.51%

Primary/Secondary Ed. - Public 1.09%

Higher Education - Public 1.01%

Port 0.69%

Industrial Development - Utility 0.46%

Senior Living 0.26%

Industrial Development - Industry 0.19%

SUBTOTAL 58.66%

Tax Supported

Special Tax 17.47%

State G.O. 7.72%

Local G.O. 2.48%

Tax-Supported State Lease 2.44%

Assessment District 2.08%

Tax-Supported Local Lease 0.55%

SUBTOTAL 32.74%

Prerefunded/ETM 7.79%

Asset-Backed

Housing - Multi-Family 0.66%

SUBTOTAL 0.66%

Cash Equivalents

Investment Companies 0.15%

SUBTOTAL 0.15%

Total 100.00%

State Breakdown Portfolio %

California 12.18%

New York 11.36%

Illinois 11.06%

New Jersey 8.33%

Pennsylvania 7.72%

Connecticut 5.36%

Florida 4.81%

Michigan 3.81%

Texas 3.53%

South Carolina 3.10%

Wisconsin 2.90%

Alabama 2.44%

Nebraska 2.08%

Colorado 1.81%

Oklahoma 1.80%

Georgia 1.62%

North Carolina 1.60%

Minnesota 1.51%

Tennessee 1.39%

Arizona 1.29%

Utah 1.20%

Maryland 1.09%

Ohio 1.06%

District of Columbia 0.95%

Kansas 0.87%

Guam 0.84%

Kentucky 0.81%

West Virginia 0.67%

Massachusetts 0.53%

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 0.15%

Total Investments 100.00%

Credit Quality Breakdown Portfolio %

AAA 4.54%

AA 31.44%

A 32.66%

BBB 20.11%

BB 2.24%

D 0.28%

Not Rated 0.79%

Pre-refunded Bonds 7.79%

Short-Term Investments 0.15%

Total Investments 100.00%

Bonds By Maturity Portfolio %

Less than 1 year 0.15%

1 to 5 years 1.67%

5 to 10 years 21.80%

10 to 20 years 32.76%

20 to 30 years 37.08%

More Than 30 years 6.54%

Other 0.00%

Total Investments 100.00%

Portfolio Statistics:

AMT Percent: 9.87%

Average Coupon: 4.95%

Percentage of Leverage:

Bank Borrowing: 0.00%

Investment Operations: 0.34%

Auction Preferred Shares (APS): 0.00%

Tender Option Bonds: 3.97%

Variable Rate MuniFund Term Preferred Shares (VMTPs): 35.17%

Total Fund Leverage: 39.48%*

Average Effective Maturity: 4.68 Years

Effective Duration: 4.26 Years

Total Net Assets: $438.68 Million**

Common Stock Net Asset Value: $15.26

Number of Holdings: 181

Portfolio Turnover: 6%

* The total percentage of leverage constitutes 3.97% through the use of tenderoption bonds, 35.17% 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 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