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AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update

NEW YORK, March 27, 2017 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. (AFB) (the "Fund") today released its monthly portfolio update as of February 28, 2017.

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

2.31%


3) Massachusetts School Building Authority  (Massachusetts School Building Authority Sales Tax)  Series 2011B  5.00%, 10/15/32

2.17%


4) Los Angeles Department of Water & Power PWR    Series 2013B  5.00%, 7/01/30

1.72%


5) City of New York NY    Series 2012I  5.00%, 8/01/28

1.49%


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

1.42%


7) Wayne State University    Series 2009A  5.00%, 11/15/29

1.38%


8) City of Orlando FL    Series 2014A  5.00%, 11/01/44 (Prerefunded/ETM)

1.36%


9) Chicago O'Hare International Airport    Series 2016B  5.00%, 1/01/41

1.29%


10) Port Authority of New York & New Jersey    Series 2014-186  5.00%, 10/15/44

1.29%






Sector/Industry Breakdown


Portfolio %


Revenue




Toll Roads/Transit


10.91%


Airport


9.38%


Health Care - Not-for-Profit


9.09%


Water & Sewer


5.78%


Revenue - Miscellaneous


4.80%


Higher Education - Public


4.76%


Electric Utility


4.04%


Port


1.45%


Prepay Energy


0.70%


Higher Education - Private


0.58%


Primary/Secondary Ed. - Public


0.57%


Senior Living


0.42%


SUBTOTAL


52.48%


Tax Supported




Special Tax


17.23%


State G.O.


7.25%


Local G.O.


6.38%


Tax-Supported Local Lease


2.80%


Tax-Supported State Lease


2.61%


SUBTOTAL


36.27%


Prerefunded/ETM


10.37%


Insured/Guaranteed




Guaranteed


0.79%


SUBTOTAL


0.79%


Cash Equivalents




Investment Companies


0.09%


SUBTOTAL


0.09%


Total


100.00%






State Breakdown


Portfolio %


New York


17.22%


California


15.28%


Texas


9.46%


Florida


7.12%


Illinois


6.27%


Connecticut


5.99%


New Jersey


5.82%


Pennsylvania


5.62%


Michigan


5.44%


Massachusetts


2.59%


Hawaii


1.74%


Washington


1.61%


Alabama


1.59%


Kentucky


1.40%


North Carolina


1.40%


Colorado


1.24%


Louisiana


1.15%


Tennessee


1.14%


Maryland


1.06%


District of Columbia


1.02%


Oregon


0.84%


South Carolina


0.79%


Georgia


0.78%


Utah


0.73%


Arizona


0.70%


Indiana


0.46%


Minnesota


0.44%


Arkansas


0.32%


Missouri


0.31%


Oklahoma


0.27%


Wisconsin


0.11%


Ohio


0.00%


Other


0.09%


Total Investments


100.00%






Credit Quality Breakdown


Portfolio %


AAA


9.21%


AA


46.30%


A


21.50%


BBB


11.16%


BB


0.26%


B


0.29%


Not Rated


0.82%


Pre-refunded Bonds


10.37%


Short-Term Investments


0.09%


Total Investments


100.00%






Bonds By Maturity


Portfolio %


Less than 1 year


0.46%


1 to 5 years


0.89%


5 to 10 years


9.97%


10 to 20 years


67.08%


20 to 30 years


20.87%


More Than 30 years


0.73%


Other


0.00%


Total Investments


100.00%






Portfolio Statistics:




AMT Percent:


9.86%


Average Coupon:


5.34%


Percentage of Leverage:




Bank Borrowing:


0.00%


Investment Operations:


0.69%


Auction Preferred Shares (APS):


14.33%


Tender Option Bonds:


4.84%


Variable Rate MuniFund Term Preferred Shares (VMTPs):

21.94%


Total Fund Leverage:


41.80%*


Average Effective Maturity:


7.16  Years


Effective Duration:


5.55  Years


Total Net Assets:


$510.94 Million**


Common Stock Net Asset Value:


$14.57


Number of Holdings:


174


Portfolio Turnover:


14%






* The total percentage of leverage constitutes 4.84% through the use of tender option bonds, 14.33% in issued and outstanding APS,21.94%  in issued and outstanding VMTPs and 0.690% 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.






** Includes $92,125,000 of APS at liquidation value.The Fund also had outstanding $141,000,000 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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