AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update

Press Release from AllianceBernstein L.P.

NEW YORK, July 24, 2017 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB) (the "Fund") today released its monthly portfolio update as of June 30, 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

2.53%







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

2.18%







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

1.74%







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

1.48%







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

1.38%







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

1.37%







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

1.33%







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

1.32%
















Sector/Industry Breakdown


Portfolio %







Revenue









Toll Roads/Transit


10.74%







Health Care - Not-for-Profit


9.62%







Airport


9.59%







Revenue - Miscellaneous


5.85%







Higher Education - Public


5.64%







Electric Utility


4.08%







Water & Sewer


3.70%







Port


1.50%







Prepay Energy


0.72%







Primary/Secondary Ed. - Public


0.57%







Senior Living


0.41%







Higher Education - Private


0.18%







SUBTOTAL


52.60%







Tax Supported









Special Tax


17.06%







State G.O.


7.26%







Local G.O.


6.44%







Tax-Supported State Lease


2.62%







Tax-Supported Local Lease


1.17%







SUBTOTAL


34.55%







Prerefunded/ETM


11.36%







Insured/Guaranteed









Guaranteed


0.80%







SUBTOTAL


0.80%







Cash Equivalents









Investment Companies


0.69%







SUBTOTAL


0.69%







Total


100.00%
















State Breakdown


Portfolio %







New York


16.71%







California


15.43%







Texas


9.53%







Florida


6.08%







Illinois


6.02%







Connecticut


5.95%







New Jersey


5.92%







Pennsylvania


5.70%







Michigan


5.49%







Massachusetts


2.61%







Hawaii


1.77%







Alabama


1.60%







Washington


1.60%







North Carolina


1.43%







Kentucky


1.42%







Colorado


1.27%







Tennessee


1.16%







Louisiana


1.14%







Maryland


1.08%







District of Columbia


1.03%







Oregon


0.84%







South Carolina


0.82%







Georgia


0.80%







Utah


0.76%







Arizona


0.72%







Indiana


0.65%







Minnesota


0.46%







Arkansas


0.33%







Ohio


0.31%







Missouri


0.30%







Oklahoma


0.27%







Wisconsin


0.11%







Other


0.69%







Total Investments


100.00%
















Credit Quality Breakdown


Portfolio %







AAA


7.91%







AA


41.95%







A


25.11%







BBB


11.36%







B


0.29%







CCC


0.46%







Not Rated


0.87%







Pre-refunded Bonds


11.36%







Short-Term Investments


0.69%







Total Investments


100.00%
















Bonds By Maturity


Portfolio %







Less than 1 year


1.06%







1 to 5 years


1.05%







5 to 10 years


9.62%







10 to 20 years


65.62%







20 to 30 years


21.89%







More Than 30 years


0.76%







Other


0.00%







Total Investments


100.00%
















Portfolio Statistics:









AMT Percent:


10.27%







Average Coupon:


5.15%







Percentage of Leverage:









Bank Borrowing:


0.00%







Investment Operations:


0.00%







Auction Preferred Shares (APS):


14.13%







Tender Option Bonds:


4.02%







Variable Rate MuniFund Term Preferred Shares (VMTPs):

21.64%







Total Fund Leverage:


39.79%*







Average Effective Maturity:


6.82 Years







Effective Duration:


5.28 Years







Total Net Assets:


$518.88 Million**







Common Stock Net Asset Value:


$14.84







Number of Holdings:


170







Portfolio Turnover:


14%
















* The total percentage of leverage constitutes 4.02% through the use of tender option bonds, 14.13% in issued and outstanding APS,21.64% in issued and outstanding VMTPs and 0.00% 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 $141,100,000 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.

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