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AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update

NEW YORK, Jan. 27, 2020 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB) (the "Fund") today released its monthly portfolio update as of December 31, 2019.

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

2.51%

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

2.19%

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

2.00%

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

1.96%

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

1.69%

6) Wisconsin Public Finance Authority(CHF - Wilmington LLC)  AGM    5.00%, 7/01/58

1.66%

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

1.63%

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

1.59%

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

1.49%

10) Tobacco Settlement Financing Corp.    Series 2018A  5.00%, 6/01/46

1.47%




Sector/Industry Breakdown


Portfolio %

Revenue



Health Care - Not-for-Profit


19.63%

Airport


8.75%

Toll Roads/Transit


7.01%

Electric Utility


4.78%

Revenue - Miscellaneous


4.71%

Water & Sewer


2.97%

Prepay Energy


2.63%

Tobacco Securitization


1.47%

Higher Education - Public


1.07%

Industrial Development - Utility


1.01%

Higher Education - Private


0.93%

Port


0.68%

Senior Living


0.27%

Primary/Secondary Ed. - Public


0.27%

Industrial Development - Industry


0.19%

SUBTOTAL


56.37%

Tax Supported



Special Tax


17.90%

State G.O.


7.70%

Local G.O.


3.27%

Tax-Supported State Lease


2.36%

Assessment District


2.07%

Tax-Supported Local Lease


0.57%

SUBTOTAL


33.87%

Prerefunded/ETM


8.05%

Insured/Guaranteed



Guaranteed


0.78%

SUBTOTAL


0.78%

Cash Equivalents



Investment Companies


0.74%

SUBTOTAL


0.74%

Asset-Backed



Housing - Multi-Family


0.19%

SUBTOTAL


0.19%

Total


100.00%




State Breakdown


Portfolio %

New York


11.58%

California


10.63%

Illinois


9.85%

Pennsylvania


7.75%

New Jersey


7.66%

Connecticut


5.52%

Florida


5.36%

Texas


4.63%

Michigan


4.36%

South Carolina


3.06%

Massachusetts


2.39%

Alabama


2.37%

Nebraska


1.96%

Colorado


1.83%

Oklahoma


1.75%

Wisconsin


1.66%

North Carolina


1.59%

Minnesota


1.49%

Tennessee


1.37%

Utah


1.17%

Hawaii


1.14%

Maryland


1.09%

Georgia


1.08%

Ohio


1.02%

District of Columbia


0.98%

Guam


0.86%

Kansas


0.84%

Kentucky


0.83%

Oregon


0.75%

Arizona


0.67%

West Virginia


0.65%

Puerto Rico


0.49%

Arkansas


0.32%

Indiana


0.20%

Iowa


0.19%

Louisiana


0.17%

Other


0.74%

Total Investments


100.00%




Credit Quality Breakdown


Portfolio %

AAA


5.93%

AA


29.84%

A


37.02%

BBB


15.15%

BB


1.53%

B


0.19%

D


0.27%

Not Rated


1.28%

Pre-refunded Bonds


8.05%

Short-Term Investments


0.74%

Total Investments


100.00%




Bonds By Maturity


Portfolio %

Less than 1 year


0.74%

1 to 5 years


0.93%

5 to 10 years


16.78%

10 to 20 years


41.13%

20 to 30 years


34.80%

More Than 30 years


5.62%

Other


0.00%

Total Investments


100.00%




Portfolio Statistics:



AMT Percent:


10.34%

Average Coupon:


5.10%

Percentage of Leverage:



Bank Borrowing:


0.00%

Investment Operations:


1.27%

Auction Preferred Shares (APS):


0.00%

Tender Option Bonds:


3.96%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

35.09%

Total Fund Leverage:


40.32%*

Average Effective Maturity:


5.86  Years

Effective Duration:


5.17  Years

Total Net Assets:


$437.61 Million**

Common Stock Net Asset Value:


$15.22

Number of Holdings:


172

Portfolio Turnover:


14%




* The total percentage of leverage constitutes 3.96% through the use of tender option bonds, 35.09%  in issued and outstanding VMTPs and 1.270% 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.


Cision

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SOURCE AllianceBernstein National Municipal Income Fund