AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update

NEW YORK, April 27, 2020 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. [NYSE: AFB] (the "Fund") today released its monthly portfolio update as of March 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

2.55%

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

2.25%

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

2.06%

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

1.79%

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

1.78%

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

1.73%

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

1.67%

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

1.65%

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

1.48%

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

1.38%




Sector/Industry Breakdown


Portfolio %

Revenue



Health Care - Not-for-Profit


20.00%

Airport


8.81%

Toll Roads/Transit


7.07%

Electric Utility


4.90%

Revenue - Miscellaneous


4.73%

Water & Sewer


3.06%

Prepay Energy


2.47%

Tobacco Securitization


1.38%

Higher Education - Public


1.09%

Industrial Development - Utility


0.98%

Higher Education - Private


0.74%

Port


0.71%

Primary/Secondary Ed. - Public


0.27%

Senior Living


0.24%

Industrial Development - Industry


0.18%

SUBTOTAL


56.63%

Tax Supported



Special Tax


18.52%

State G.O.


7.57%

Local G.O.


3.32%

Tax-Supported State Lease


2.27%

Assessment District


2.14%

Tax-Supported Local Lease


0.59%

SUBTOTAL


34.41%

Prerefunded/ETM


7.62%

Insured/Guaranteed



Guaranteed


0.80%

SUBTOTAL


0.80%

Asset-Backed



Housing - Multi-Family


0.31%

SUBTOTAL


0.31%

Cash Equivalents



Investment Companies


0.23%

SUBTOTAL


0.23%

Total


100.00%




State Breakdown


Portfolio %

New York


11.78%

California


10.87%

Illinois


9.62%

Pennsylvania


7.88%

New Jersey


7.52%

Connecticut


5.62%

Florida


5.53%

Texas


4.74%

Michigan


4.48%

South Carolina


3.16%

Alabama


2.48%

Massachusetts


2.46%

Colorado


1.81%

Nebraska


1.79%

Oklahoma


1.77%

Wisconsin


1.73%

North Carolina


1.59%

Minnesota


1.52%

Tennessee


1.36%

Utah


1.18%

Hawaii


1.17%

Maryland


1.13%

Georgia


1.11%

District of Columbia


1.00%

Ohio


1.00%

Kansas


0.88%

Guam


0.86%

Kentucky


0.85%

Arizona


0.68%

West Virginia


0.64%

Puerto Rico


0.47%

Arkansas


0.34%

Indiana


0.19%

Iowa


0.18%

Louisiana


0.14%

New Hampshire


0.13%

Oregon


0.11%

Other


0.23%

Total Investments


100.00%




Credit Quality Breakdown


Portfolio %

AAA


6.11%

AA


30.71%

A


37.39%

BBB


14.79%

BB


1.66%

D


0.27%

Not Rated


1.22%

Pre-refunded Bonds


7.62%

Short-Term Investments


0.23%

Total Investments


100.00%




Bonds By Maturity


Portfolio %

Less than 1 year


0.23%

1 to 5 years


0.95%

5 to 10 years


16.41%

10 to 20 years


44.25%

20 to 30 years


32.36%

More Than 30 years


5.80%

Other


0.00%

Total Investments


100.00%




Portfolio Statistics:



AMT Percent:


10.49%

Average Coupon:


4.91%

Percentage of Leverage:



Bank Borrowing:


0.00%

Investment Operations:


0.13%

Auction Preferred Shares (APS):


0.00%

Tender Option Bonds:


4.09%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

36.29%

Total Fund Leverage:


40.51%*

Average Effective Maturity:


5.96  Years

Effective Duration:


5.04  Years

Total Net Assets:


$416.79 Million**

Common Stock Net Asset Value:


$14.50

Number of Holdings:


170

Portfolio Turnover:


14%




* The total percentage of leverage constitutes 4.09% through the use of tender option bonds, 36.29%  in issued and outstanding VMTPs and 0.130% 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:http://www.prnewswire.com/news-releases/alliancebernstein-national-municipal-income-fund-releases-monthly-portfolio-update-301047760.html

SOURCE AllianceBernstein National Municipal Income Fund, Inc.

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