AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update

NEW YORK, Oct. 26, 2020 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. [NYSE: AFB] (the "Fund") today released its monthly portfolio update as of September 30,2020.

AllianceBernstein National Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings	Portfolio %
1) Metropolitan Transportation Authority (Metropolitan Transportation Authority Ded Tax)  Series 2016A  5.25%, 11/15/35	2.47%
2) State of Connecticut Special Tax Revenue    Series 2012  5.00%, 1/01/29	2.23%
3) Central Plains Energy Project (Goldman Sachs Group, Inc. (The))  Series 2017A  5.00%, 9/01/42	2.02%
4) Massachusetts School Building Authority    Series 2011B  5.00%, 10/15/32 (Prerefunded/ETM)	2.00%
5) Jefferson County Board of Education/AL    Series 2018  5.00%, 2/01/46	1.74%
6) Wisconsin Public Finance Authority(CHF - Wilmington LLC) AGM    5.00%, 7/01/58	1.69%
7) Los Angeles Department of Water & Power Power System Revenue    Series 2013B  5.00%, 7/01/30	1.65%
8) Detroit Downtown Development Authority AGM  Series 2018A  5.00%, 7/01/48	1.63%
9) Tobacco Settlement Financing Corp.    Series 2018A  5.00%, 6/01/46	1.53%
10) Miami Beach Health Facilities Authority (Mount Sinai Medical Center of Florida, Inc.)  Series 2014  5.00%, 11/15/39	1.49%
Sector/Industry Breakdown	Portfolio %
Revenue
Health Care - Not-for-Profit	20.96%
Airport	8.09%
Toll Roads/Transit	6.98%
Electric Utility	4.88%
Revenue - Miscellaneous	4.76%
Water & Sewer	3.01%
Prepay Energy	2.70%
Tobacco Securitization	1.53%
Higher Education - Public	1.07%
Primary/Secondary Ed. - Public	0.93%
Higher Education - Private	0.74%
Port	0.71%
Industrial Development - Utility	0.47%
Senior Living	0.24%
Industrial Development - Industry	0.19%
SUBTOTAL	57.26%
Tax Supported
Special Tax	17.94%
State G.O.	7.56%
Local G.O.	3.32%
Tax-Supported State Lease	2.36%
Assessment District	2.13%
Tax-Supported Local Lease	0.57%
SUBTOTAL	33.88%
Prerefunded/ETM	7.35%
Insured/Guaranteed
Guaranteed	0.79%
SUBTOTAL	0.79%
Cash Equivalents
Investment Companies	0.41%
SUBTOTAL	0.41%
Asset-Backed
Housing - Multi-Family	0.31%
SUBTOTAL	0.31%
Total	100.00%
State Breakdown	Portfolio %
New York	12.51%
California	10.73%
Illinois	9.83%
New Jersey	7.74%
Pennsylvania	7.32%
Connecticut	5.57%
Florida	5.48%
Texas	4.68%
Michigan	3.91%
South Carolina	3.14%
Alabama	2.45%
Massachusetts	2.40%
Nebraska	2.02%
Minnesota	1.91%
Colorado	1.86%
Oklahoma	1.78%
Wisconsin	1.69%
North Carolina	1.62%
Tennessee	1.37%
Arizona	1.33%
Utah	1.18%
Georgia	1.10%
Maryland	1.10%
Ohio	1.04%
District of Columbia	0.99%
Kansas	0.87%
Guam	0.86%
Kentucky	0.83%
West Virginia	0.67%
Puerto Rico	0.50%
Hawaii	0.42%
Arkansas	0.32%
Indiana	0.19%
Iowa	0.19%
Louisiana	0.17%
New Hampshire	0.13%
Oregon	0.10%
Total Investments	100.00%
Credit Quality Breakdown	Portfolio %
AAA	5.63%
AA	28.53%
A	38.11%
BBB	17.26%
BB	1.70%
D	0.27%
Not Rated	0.74%
Pre-refunded Bonds	7.35%
Short-Term Investments	0.41%
Total Investments	100.00%
Bonds By Maturity	Portfolio %
Less than 1 year	0.41%
1 to 5 years	1.06%
5 to 10 years	22.10%
10 to 20 years	36.29%
20 to 30 years	35.09%
More Than 30 years	5.05%
Other	0.00%
Total Investments	100.00%
Portfolio Statistics:
AMT Percent:	10.16%
Average Coupon:	5.09%
Percentage of Leverage:
Bank Borrowing:	0.00%
Investment Operations:	0.62%
Auction Preferred Shares (APS):	0.00%
Tender Option Bonds:	4.03%
Variable Rate MuniFund Term Preferred Shares (VMTPs):	35.67%
Total Fund Leverage:	40.32%*
Average Effective Maturity:	5.29 Years
Effective Duration:	4.67 Years
Total Net Assets:	$432.56 Million**
Common Stock Net Asset Value:	$15.05
Number of Holdings:	171
Portfolio Turnover:	14%

* The total percentage of leverage constitutes 4.03% through the use of tender option bonds, 35.67% in issued and outstanding VMTPs and 0.620% in investment operations, which may include the use of certain portfolio management techniques such as credit default swaps, dollar rolls, negative cash, reverse repurchase 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 liability for 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.