PR Newswire | Jan 25, 2022 04:06PM EST

Update

01/25 15:06 CST

AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update NEW YORK, Jan. 25, 2022

NEW YORK, Jan. 25, 2022 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB) (the "Fund") today released its monthly portfolio update as of December 31, 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. 2.11%(The)) Series 2017-A 5.00%, 9/01/42

3) State of Connecticut Special Tax Revenue Series 2012-A 2.09%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 1.54%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 22.12%

Airport 7.75%

Revenue - Miscellaneous 6.02%

Toll Roads/Transit 5.73%

Electric Utility 5.23%

Prepay Energy 2.75%

Tobacco Securitization 2.51%

Water & Sewer 2.11%

Higher Education - Private 1.71%

Primary/Secondary Ed. - Public 1.10%

Higher Education - Public 1.00%

Port 0.69%

Industrial Development - Utility 0.46%

Senior Living 0.26%

Industrial Development - Industry 0.19%

SUBTOTAL 59.63%

Tax Supported

Special Tax 16.68%

State G.O. 7.71%

Local G.O. 2.46%

Tax-Supported State Lease 2.44%

Assessment District 2.06%

SUBTOTAL 31.35%

Prerefunded/ETM 8.26%

Asset-Backed

Housing - Multi-Family 0.49%

SUBTOTAL 0.49%

Commercial Mortgage-Backed Securities 0.17%

Cash Equivalents

Investment Companies 0.10%

SUBTOTAL 0.10%

Total 100.00%

State Breakdown Portfolio %

California 12.09%

New York 11.28%

Illinois 11.09%

New Jersey 8.30%

Pennsylvania 7.72%

Florida 4.81%

Connecticut 4.59%

Michigan 3.77%

Texas 3.51%

South Carolina 3.09%

Wisconsin 2.92%

Alabama 2.45%

Nebraska 2.11%

Ohio 2.06%

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 1.08%

District of Columbia 0.94%

Kansas 0.87%

Guam 0.83%

Kentucky 0.80%

West Virginia 0.67%

Puerto Rico 0.54%

Massachusetts 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 0.10%

Total Investments 100.00%

Credit Quality Breakdown Portfolio %

AAA 4.49%

AA 30.56%

A 33.09%

BBB 20.19%

BB 2.23%

D 0.28%

Not Rated 0.80%

Pre-refunded Bonds 8.26%

Short-Term Investments 0.10%

Total Investments 100.00%

Bonds By Maturity Portfolio %

Less than 1 year 0.32%

1 to 5 years 1.43%

5 to 10 years 22.33%

10 to 20 years 32.03%

20 to 30 years 37.28%

More Than 30 years 6.61%

Other 0.00%

Total Investments 100.00%

Portfolio Statistics:

AMT Percent: 9.89%

Average Coupon: 4.97%

Percentage of Leverage:

Bank Borrowing: 0.00%

Investment Operations: 0.34%

Auction Preferred Shares (APS): 0.00%

Tender Option Bonds: 3.96%

Variable Rate MuniFund Term Preferred Shares (VMTPs): 35.02%

Total Fund Leverage: 39.32%*

Average Effective Maturity: 4.67 Years

Effective Duration: 4.21 Years

Total Net Assets: $440.71 Million**

Common Stock Net Asset Value: $15.26

Number of Holdings: 181

Portfolio Turnover: 5%

* The total percentage of leverage constitutes 3.96% through the use of tenderoption bonds, 35.02% 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, Inc.