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Jan 28, 2020 2:19 AM ET

AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update


iCrowd Newswire - Jan 28, 2020

NEW YORK,– 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.

Contact Information:

AllianceBernstein National Municipal Income Fund








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