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AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update

NEW YORK, Dec. 20, 2019 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc.[NYSE: AFB] (the "Fund") today released its monthly portfolio update as of November 30, 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

2.54%

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

2.21%

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

2.02%

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

1.99%

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

1.70%

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

1.67%

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

1.64%

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

1.60%

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

1.50%

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

1.47%




Sector/Industry Breakdown


Portfolio %

Revenue



Health Care - Not-for-Profit


19.79%

Airport


8.81%

Toll Roads/Transit


7.31%

Electric Utility


4.82%

Revenue - Miscellaneous


4.74%

Water & Sewer


2.99%

Prepay Energy


2.66%

Tobacco Securitization


1.47%

Higher Education - Public


1.07%

Industrial Development - Utility


1.01%

Higher Education - Private


0.94%

Port


0.69%

Senior Living


0.27%

Primary/Secondary Ed. - Public


0.27%

Industrial Development - Industry


0.19%

SUBTOTAL


57.03%

Tax Supported



Special Tax


16.91%

State G.O.


7.73%

Local G.O.


3.30%

Tax-Supported State Lease


2.37%

Assessment District


2.09%

Tax-Supported Local Lease


0.58%

SUBTOTAL


32.98%

Prerefunded/ETM


8.12%

Cash Equivalents



Investment Companies


1.09%

SUBTOTAL


1.09%

Insured/Guaranteed



Guaranteed


0.78%

SUBTOTAL


0.78%

Total


100.00%




State Breakdown


Portfolio %

New York


11.63%

California


10.52%

Illinois


8.78%

Pennsylvania


7.80%

New Jersey


7.71%

Connecticut


5.56%

Florida


5.40%

Texas


4.92%

Michigan


4.40%

South Carolina


3.09%

Massachusetts


2.41%

Alabama


2.39%

Nebraska


1.99%

Colorado


1.84%

Oklahoma


1.77%

Wisconsin


1.67%

North Carolina


1.60%

Minnesota


1.50%

Tennessee


1.38%

Utah


1.19%

Hawaii


1.15%

Maryland


1.10%

Georgia


1.09%

Ohio


1.03%

District of Columbia


0.99%

Guam


0.87%

Kansas


0.85%

Kentucky


0.83%

Oregon


0.76%

Arizona


0.67%

West Virginia


0.65%

Puerto Rico


0.49%

Arkansas


0.32%

Indiana


0.20%

Iowa


0.19%

Louisiana


0.17%

Other


1.09%

Total Investments


100.00%




Credit Quality Breakdown


Portfolio %

AAA


5.97%

AA


30.08%

A


37.29%

BBB


14.16%

BB


1.54%

B


0.19%

D


0.27%

Not Rated


1.29%

Pre-refunded Bonds


8.12%

Short-Term Investments


1.09%

Total Investments


100.00%




Bonds By Maturity


Portfolio %

Less than 1 year


1.09%

1 to 5 years


0.94%

5 to 10 years


16.68%

10 to 20 years


41.44%

20 to 30 years


35.09%

More Than 30 years


4.76%

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:


0.66%

Auction Preferred Shares (APS):


0.00%

Tender Option Bonds:


3.97%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

35.11%

Total Fund Leverage:


39.74%*

Average Effective Maturity:


5.82  Years

Effective Duration:


5.10  Years

Total Net Assets:


$437.70 Million**

Common Stock Net Asset Value:


$15.23

Number of Holdings:


171

Portfolio Turnover:


22%


* The total percentage of leverage constitutes 3.97% through the use of tender option bonds, 35.11%  in issued and outstanding VMTPs and 0.660% 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, Inc.