February 24, 2020 - 4:06 PM EST
AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update
AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update

NEW YORK, Feb. 24, 2020 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. [NYSE: AFB] (the "Fund") today released its monthly portfolio update as of January 31, 2020.

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

2.52%

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

2.16%

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

1.99%

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

1.95%

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

1.68%

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

1.65%

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

1.60%

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

1.57%

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

1.48%

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

1.47%




Sector/Industry Breakdown


Portfolio %

Revenue



Health Care - Not-for-Profit


19.61%

Airport


8.69%

Toll Roads/Transit


6.95%

Electric Utility


4.72%

Revenue - Miscellaneous


4.68%

Water & Sewer


2.92%

Prepay Energy


2.64%

Tobacco Securitization


1.47%

Higher Education - Public


1.04%

Industrial Development - Utility


0.99%

Higher Education - Private


0.75%

Port


0.68%

Senior Living


0.26%

Primary/Secondary Ed. - Public


0.26%

Industrial Development - Industry


0.19%

SUBTOTAL


55.85%

Tax Supported



Special Tax


18.10%

State G.O.


7.68%

Local G.O.


3.25%

Tax-Supported State Lease


2.37%

Assessment District


2.04%

Tax-Supported Local Lease


0.57%

SUBTOTAL


34.01%

Prerefunded/ETM


7.89%

Cash Equivalents



Investment Companies


1.15%

SUBTOTAL


1.15%

Insured/Guaranteed



Guaranteed


0.77%

SUBTOTAL


0.77%

Asset-Backed



Housing - Multi-Family


0.33%

SUBTOTAL


0.33%

Total


100.00%




State Breakdown


Portfolio %

New York


11.46%

California


10.45%

Illinois


10.07%

Pennsylvania


7.74%

New Jersey


7.62%

Connecticut


5.45%

Florida


5.34%

Texas


4.56%

Michigan


4.30%

South Carolina


3.04%

Alabama


2.36%

Massachusetts


2.34%

Nebraska


1.99%

Colorado


1.82%

Oklahoma


1.75%

Wisconsin


1.65%

North Carolina


1.58%

Minnesota


1.48%

Tennessee


1.36%

Utah


1.17%

Hawaii


1.12%

Georgia


1.08%

Maryland


1.08%

Ohio


1.02%

District of Columbia


0.96%

Guam


0.85%

Kansas


0.84%

Kentucky


0.81%

Oregon


0.74%

Arizona


0.66%

West Virginia


0.64%

Puerto Rico


0.51%

Arkansas


0.32%

Indiana


0.19%

Iowa


0.19%

Louisiana


0.17%

New Hampshire


0.14%

Other


1.15%

Total Investments


100.00%




Credit Quality Breakdown


Portfolio %

AAA


5.85%

AA


29.51%

A


36.86%

BBB


15.48%

BB


1.52%

B


0.19%

D


0.26%

Not Rated


1.29%

Pre-refunded Bonds


7.89%

Short-Term Investments


1.15%

Total Investments


100.00%




Bonds By Maturity


Portfolio %

Less than 1 year


1.15%

1 to 5 years


0.92%

5 to 10 years


16.53%

10 to 20 years


43.39%

20 to 30 years


32.03%

More Than 30 years


5.98%

Other


0.00%

Total Investments


100.00%




Portfolio Statistics:



AMT Percent:


10.35%

Average Coupon:


5.10%

Percentage of Leverage:



Bank Borrowing:


0.00%

Investment Operations:


1.60%

Auction Preferred Shares (APS):


0.00%

Tender Option Bonds:


3.88%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

34.39%

Total Fund Leverage:


39.87%*

Average Effective Maturity:


5.68  Years

Effective Duration:


5.04  Years

Total Net Assets:


$448.88 Million**

Common Stock Net Asset Value:


$15.62

Number of Holdings:


172

Portfolio Turnover:


14%




* The total percentage of leverage constitutes 3.88% through the use of tender option bonds, 34.39%  in issued and outstanding VMTPs and 1.60% 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 View original content:https://www.prnewswire.com/news-releases/alliancebernstein-national-municipal-income-fund-releases-monthly-portfolio-update-301010097.html

SOURCE AllianceBernstein National Municipal Income Fund, Inc.


Source: PR Newswire (February 24, 2020 - 4:06 PM EST)