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Subject: DIV

AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update


NEW YORK, Feb. 23, 2018 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc.(NYSE: AFB) (the "Fund") today released its monthly portfolio update as of January 31,2018.

 

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

2.48%

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

2.24%

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

2.11%

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

1.68%

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

1.64%

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

1.44%

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

1.44%

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

1.32%

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

1.31%

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

1.30%




Sector/Industry Breakdown


Portfolio %

Revenue



Toll Roads/Transit


11.23%

Airport


9.76%

Health Care - Not-for-Profit


9.51%

Revenue - Miscellaneous


4.54%

Electric Utility


4.20%

Higher Education - Public


3.92%

Water & Sewer


3.60%

Port


1.47%

Prepay Energy


0.69%

Higher Education - Private


0.68%

Primary/Secondary Ed. - Public


0.54%

Senior Living


0.30%

SUBTOTAL


50.44%

Tax Supported



Special Tax


16.57%

Local G.O.


8.32%

State G.O.


7.95%

Tax-Supported State Lease


3.01%

Tax-Supported Local Lease


1.14%

SUBTOTAL


36.99%

Prerefunded/ETM


11.30%

Insured/Guaranteed



Guaranteed


0.95%

SUBTOTAL


0.95%

Cash Equivalents



Investment Companies


0.32%

SUBTOTAL


0.32%

Total


100.00%




State Breakdown


Portfolio %

New York


17.35%

California


13.58%

Texas


8.73%

Illinois


7.94%

Pennsylvania


7.45%

New Jersey


6.30%

Connecticut


6.27%

Florida


5.90%

Michigan


5.36%

Massachusetts


2.52%

Alabama


2.30%

Hawaii


1.74%

Washington


1.55%

Kentucky


1.39%

North Carolina


1.25%

Tennessee


1.18%

Colorado


1.12%

Maryland


1.05%

South Carolina


1.03%

District of Columbia


1.00%

Oregon


0.81%

Georgia


0.78%

Utah


0.74%

Arizona


0.69%

Minnesota


0.45%

Arkansas


0.32%

Ohio


0.30%

Oklahoma


0.27%

Indiana


0.20%

Wisconsin


0.11%

Other


0.32%

Total Investments


100.00%




Credit Quality Breakdown


Portfolio %

AAA


7.87%

AA


40.97%

A


26.40%

BBB


11.69%

BB


0.35%

B


0.26%

Not Rated


0.84%

Pre-refunded Bonds


11.30%

Short-Term Investments


0.32%

Total Investments


100.00%




Bonds By Maturity


Portfolio %

Less than 1 year


0.32%

1 to 5 years


1.05%

5 to 10 years


8.51%

10 to 20 years


66.09%

20 to 30 years


23.69%

More Than 30 years


0.34%

Other


0.00%

Total Investments


100.00%




Portfolio Statistics:



AMT Percent:


9.81%

Average Coupon:


5.22%

Percentage of Leverage:



Bank Borrowing:


0.00%

Investment Operations:


1.75%

Auction Preferred Shares (APS):


14.25%

Tender Option Bonds:


4.05%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

21.83%

Total Fund Leverage:


41.88%*

Average Effective Maturity:


5.76  Years

Effective Duration:


5.45  Years

Total Net Assets:


$511.60 Million**

Common Stock Net Asset Value:


$14.59

Number of Holdings:


174

Portfolio Turnover:


11%

 

* The total percentage of leverage constitutes 4.05% through the use of tender option bonds, 14.25% in issued and outstanding APS,21.83%  in issued and outstanding VMTPs and 1.750% 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.

 

SOURCE AllianceBernstein National Municipal Income Fund, Inc.


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