Market Overview

AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update

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NEW YORK, Dec. 24, 2012 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB) (the "Fund") today released its monthly portfolio update as of November 30, 2012.

AllianceBernstein National Municipal Income Fund, Inc.











Top 10 Fixed-Income Holdings









Portfolio %



1)

Texas Trnsp Comm   Series 07  5.00%,  4/01/23    

3.21%



2)

Metropolitan Trnsp Auth NY (Metro Trnsp Auth     

2.78%





Ny Ded Tax)  Series 2012A  5.00%,  11/15/28





3)

Wayne State Univ MI   Series 2009  5.00%,         

2.51%





11/15/29





4)

Washington Fed Hwy Grant   Series 2012F         

2.49%





5.00%,  9/01/24





5)

Metro Atlanta Rapid Tran Auth GA     5.00%,         

2.13%





7/01/27





6)

Harris City TX Toll Road (Harris Cnty Tx Toll       

1.96%





Road)  Series 2012  5.00%,  8/15/30





7)

Triborough Brdg & Tunl Auth NY     5.00%,         

1.65%





1/01/26





8)

New York NY Trnsl Fin Auth   Series 2011B      

1.63%





5.00%,  2/01/26





9)

Univ of Illinois   AGM Series 07A 5.25%,          

1.62%





10/01/26





10)

Univ of Illinois   AGM Series 07A 5.25%,           

1.62%





10/01/26















Sector/Industry Breakdown









Portfolio %



Tax Supported





Special Tax                     

18.46%





Local G.O.                           

11.24%





State G.O.                            

5.01%





State Lease                               

3.23%





Tax-Supported Local Lease          

3.22%





Assessment District                   

2.73%





Tax-Supported State Lease           

1.44%



SUBTOTAL                                 

45.33%



Revenue







Water & Sewer                         

9.81%





Revenue - Miscellaneous                

7.07%





Toll Roads/Transit                         

6.73%





Airport                                         

4.08%





Higher Education - Public               

3.78%





Electric Utility                              

3.39%





Health Care - Not-for-Profit             

3.19%





Industrial Development - Utility        

2.30%





Higher Education - Private              

1.50%





Primary/Secondary Ed. - Private       

0.80%





Senior Living                              

0.80%





Prepay Energy                               

0.65%





Primary/Secondary Ed. - Public             

0.48%



SUBTOTAL                                            

44.58%



Prerefunded/ETM                                     

4.03%



Insured/Guaranteed







Insured                                      

2.41%





Guaranteed                                

1.44%



SUBTOTAL                                      

3.85%



Asset-Backed







Housing - Multi-Family              

1.56%





Housing - Single Family              

0.65%



SUBTOTAL                     

2.21%



Total                              

100.00%













State Breakdown











Portfolio %



Texas                                      

18.48%



New York                                 

16.04%



California

11.60%



Florida                                      

7.72%



Illinois                                      

5.72%



Michigan                                  

5.11%



Washington                               

4.73%



Louisiana                                     

4.15%



South Carolina                           

3.44%



Colorado                                 

2.64%



Georgia                                   

2.13%



Ohio                                       

1.68%



New Jersey                                   

1.66%



Oregon                                       

1.48%



Hawaii                                      

1.37%



Alaska                                   

1.34%



Puerto Rico                              

1.23%



Pennsylvania                            

1.14%



Alabama                                   

1.12%



Nevada                                   

1.01%



Wisconsin                              

0.94%



Arizona                                    

0.83%



Rhode Island                           

0.80%



North Carolina                            

0.58%



Mississippi                              

0.53%



Virginia                                  

0.49%



Tennessee                                 

0.36%



Maine                                      

0.33%



Indiana                                  

0.31%



Missouri                                

0.30%



Massachusetts                            

0.28%



Kansas                                       

0.19%



Minnesota                                   

0.16%



New Hampshire                            

0.11%



Total Investments                             

100.00%















Credit Quality Breakdown











Portfolio %







AAA                                        

22.00%







AA                                       

50.16%







A                                            

12.43%







BBB                                       

7.65%







BB                                           

0.27%







B                                           

0.41%







Not Rated                                  

3.05%







Pre-refunded Bonds                  

4.03%







Total Investments                     

100.00%













Portfolio Statistics:







AMT Percentage:                        

16.13%





Average Coupon:                        

5.72%





Percentage of Leverage:









Bank Borrowing:                         

0.00%







Investment Operations:                

3.08%







Preferred Stock:                       

35.05%







Tender Option Bonds:                

6.19%







Term Asset-Backed Loans Facility (TALF):     

0.00%







Total Fund Leverage:                  

               44.32%*





Average Effective Maturity:           

               6.13 Years





Effective Duration:                     

             5.47 Years





Total Net Assets:                   

          $691.00 Million**





Common Stock Net Asset Value:             

$15.62





Number of Holdings:                             

193





Portfolio Turnover:                            

10%

* The total percentage of leverage constitutes 6.19% through the use of tender option bonds, 35.05% in issued and outstanding preferred stock and 3.08% 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 242,225,000 of preferred stock at liquidation value.

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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