AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update

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NEW YORK, Jan. 25, 2022 -- AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB) (the "Fund") today released its monthly portfolio update as of December 31, 2021.




AllianceBernstein National Municipal Income Fund, Inc.








Top 10 Fixed-Income Holdings


Portfolio %

1) Metropolitan Transportation Authority  (Metropolitan Transportation Authority Dedicated Tax Fund)  Series 2016-A  5.25%, 11/15/35

2.48%

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

2.11%

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

2.09%

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

1.75%

5) Wisconsin Public Finance Authority(CHF - Wilmington LLC)  AGM  Series 2018  5.00%, 7/01/58

1.71%

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

1.58%

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

1.54%

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

1.52%

9) Metropolitan Pier & Exposition Authority    Series 2020  5.00%, 6/15/50

1.52%

10) California Statewide Communities Development Authority  (CHF-Irvine LLC)  Series 2021  3.00%, 5/15/54

1.50%




Sector/Industry Breakdown


Portfolio %

Revenue



Health Care - Not-for-Profit


22.12%

Airport


7.75%

Revenue - Miscellaneous


6.02%

Toll Roads/Transit


5.73%

Electric Utility


5.23%

Prepay Energy


2.75%

Tobacco Securitization


2.51%

Water & Sewer


2.11%

Higher Education - Private


1.71%

Primary/Secondary Ed. - Public


1.10%

Higher Education - Public


1.00%

Port


0.69%

Industrial Development - Utility


0.46%

Senior Living


0.26%

Industrial Development - Industry


0.19%

SUBTOTAL


59.63%

Tax Supported



Special Tax


16.68%

State G.O.


7.71%

Local G.O.


2.46%

Tax-Supported State Lease


2.44%

Assessment District


2.06%

SUBTOTAL


31.35%

Prerefunded/ETM


8.26%

Asset-Backed



Housing - Multi-Family


0.49%

SUBTOTAL


0.49%

Commercial Mortgage-Backed Securities


0.17%

Cash Equivalents



Investment Companies


0.10%

SUBTOTAL


0.10%

Total


100.00%




State Breakdown


Portfolio %

California


12.09%

New York


11.28%

Illinois


11.09%

New Jersey


8.30%

Pennsylvania


7.72%

Florida


4.81%

Connecticut


4.59%

Michigan


3.77%

Texas


3.51%

South Carolina


3.09%

Wisconsin


2.92%

Alabama


2.45%

Nebraska


2.11%

Ohio


2.06%

Colorado


1.82%

Oklahoma


1.80%

Georgia


1.63%

North Carolina


1.60%

Minnesota


1.52%

Tennessee


1.39%

Arizona


1.29%

Utah


1.21%

Maryland


1.08%

District of Columbia


0.94%

Kansas


0.87%

Guam


0.83%

Kentucky


0.80%

West Virginia


0.67%

Puerto Rico


0.54%

Massachusetts


0.53%

Hawaii


0.41%

Arkansas


0.32%

Indiana


0.19%

Iowa


0.19%

Louisiana


0.18%

Washington


0.17%

New Hampshire


0.13%

Other


0.10%

Total Investments


100.00%




Credit Quality Breakdown


Portfolio %

AAA


4.49%

AA


30.56%

A


33.09%

BBB


20.19%

BB


2.23%

D


0.28%

Not Rated


0.80%

Pre-refunded Bonds


8.26%

Short-Term Investments


0.10%

Total Investments


100.00%




Bonds By Maturity


Portfolio %

Less than 1 year


0.32%

1 to 5 years


1.43%

5 to 10 years


22.33%

10 to 20 years


32.03%

20 to 30 years


37.28%

More Than 30 years


6.61%

Other


0.00%

Total Investments


100.00%




Portfolio Statistics:



AMT Percent:


9.89%

Average Coupon:


4.97%

Percentage of Leverage:



Bank Borrowing:


0.00%

Investment Operations:


0.34%

Auction Preferred Shares (APS):


0.00%

Tender Option Bonds:


3.96%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

35.02%

Total Fund Leverage:


39.32%*

Average Effective Maturity:


4.67  Years

Effective Duration:


4.21  Years

Total Net Assets:


$440.71 Million**

Common Stock Net Asset Value:


$15.26

Number of Holdings:


181

Portfolio Turnover:


5%




* The total percentage of leverage constitutes 3.96% through the use of tender option bonds, 35.02%  in issued and outstanding VMTPs and 0.340% 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.