PR Newswire | Dec 28, 2021 04:06PM EST

Update

12/28 15:06 CST

AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update NEW YORK, Dec. 28, 2021

NEW YORK, Dec. 28, 2021 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc.[NYSE: AFB] (the "Fund") today released its monthly portfolio update as of November 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) Central Plains Energy Project (Goldman Sachs Group Inc/ 2.12%(The)) Series 2017-A 5.00%, 9/01/42

3) State of Connecticut Special Tax Revenue Series 2012-A 2.10%5.00%, 1/01/29

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

5) Wisconsin Public Finance Authority(CHF - Wilmington LLC) 1.71%AGM Series 2018 5.00%, 7/01/58

6) Detroit Downtown Development Authority AGM Series 1.58%2018-A 5.00%, 7/01/48

7) Los Angeles Department of Water & Power Power System 1.55%Revenue Series 2013-B 5.00%, 7/01/30

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

9) Metropolitan Pier & Exposition Authority Series 2020 1.52%5.00%, 6/15/50

10) California Statewide Communities Development Authority 1.50%(CHF-Irvine LLC) Series 2021 3.00%, 5/15/54

Sector/Industry Breakdown Portfolio %

Revenue

Health Care - Not-for-Profit 22.09%

Airport 7.77%

Revenue - Miscellaneous 6.03%

Toll Roads/Transit 5.74%

Electric Utility 5.24%

Prepay Energy 2.77%

Water & Sewer 2.12%

Higher Education - Private 1.71%

Tobacco Securitization 1.52%

Primary/Secondary Ed. - Public 1.10%

Higher Education - Public 1.01%

Port 0.69%

Industrial Development - Utility 0.46%

Senior Living 0.26%

Industrial Development - Industry 0.19%

SUBTOTAL 58.70%

Tax Supported

Special Tax 17.42%

State G.O. 7.72%

Local G.O. 2.47%

Tax-Supported State Lease 2.44%

Assessment District 2.06%

Tax-Supported Local Lease 0.55%

SUBTOTAL 32.66%

Prerefunded/ETM 7.72%

Asset-Backed

Housing - Multi-Family 0.65%

SUBTOTAL 0.65%

Cash Equivalents

Investment Companies 0.27%

SUBTOTAL 0.27%

Total 100.00%

State Breakdown Portfolio %

California 12.14%

New York 11.30%

Illinois 11.11%

New Jersey 8.31%

Pennsylvania 7.72%

Connecticut 5.32%

Florida 4.79%

Michigan 3.78%

Texas 3.51%

South Carolina 3.09%

Wisconsin 2.92%

Alabama 2.45%

Nebraska 2.12%

Colorado 1.82%

Oklahoma 1.80%

Georgia 1.63%

North Carolina 1.60%

Minnesota 1.52%

Tennessee 1.39%

Arizona 1.29%

Utah 1.21%

Maryland 1.09%

Ohio 1.06%

District of Columbia 0.94%

Kansas 0.87%

Guam 0.83%

Kentucky 0.80%

West Virginia 0.67%

Massachusetts 0.53%

Puerto Rico 0.53%

Hawaii 0.41%

Arkansas 0.32%

Indiana 0.19%

Iowa 0.19%

Louisiana 0.18%

Washington 0.17%

New Hampshire 0.13%

Other 0.27%

Total Investments 100.00%

Credit Quality Breakdown Portfolio %

AAA 4.50%

AA 31.33%

A 33.66%

BBB 19.21%

BB 2.24%

D 0.28%

Not Rated 0.79%

Pre-refunded Bonds 7.72%

Short-Term Investments 0.27%

Total Investments 100.00%

Bonds By Maturity Portfolio %

Less than 1 year 0.27%

1 to 5 years 1.66%

5 to 10 years 22.70%

10 to 20 years 31.61%

20 to 30 years 37.15%

More Than 30 years 6.61%

Other 0.00%

Total Investments 100.00%

Portfolio Statistics:

AMT Percent: 9.88%

Average Coupon: 4.93%

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): 34.98%

Total Fund Leverage: 39.27%*

Average Effective Maturity: 4.55 Years

Effective Duration: N/A

Total Net Assets: $441.87 Million**

Common Stock Net Asset Value: $15.26

Number of Holdings: 181

Portfolio Turnover: 6%

* The total percentage of leverage constitutes 3.95% through the use of tenderoption bonds, 34.98% 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