Market Overview

AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update

NEW YORK, Feb. 26, 2013 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc.[NYSE: AFB] (the "Fund") today released its monthly portfolio update as of January 31, 2013.

 

AllianceBernstein National Municipal Income Fund, Inc.



Top 10 Fixed-Income Holdings



Portfolio %

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

3.35%

2) Metropolitan Trnsp Auth NY (Metro Trnsp Auth             

2.87%

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


3) Wayne State Univ MI   Series 2009  5.00%,                

2.60%

    11/15/29


4) Washington Fed Hwy Grant   Series 2012F                  

2.57%

    5.00%,  9/01/24


5) Metro Atlanta Rapid Tran Auth GA     5.00%,              

2.20%

    7/01/27


6) Harris City TX Toll Road (Harris Cnty Tx Toll            

2.02%

    Road)  Series 2012  5.00%,  8/15/30


7) Univ of Illinois   AGM Series 07A 5.25%,                 

1.77%

    10/01/26


8) Triborough Brdg & Tunl Auth NY     5.00%,                

1.70%

    1/01/26


9) San Francisco City/Cnty CA Pub Util Wtr                   

1.37%

    5.00%,  11/01/27


10) Texas GO   Series 02A  5.50%,  8/01/41                   

1.33%



Sector/Industry Breakdown



Portfolio %

Revenue


    Water & Sewer                                        

10.15%

    Revenue - Miscellaneous                               

8.21%

    Toll Roads/Transit                                    

7.42%

    Higher Education - Public                             

3.93%

    Airport                                               

3.43%

    Electric Utility                                      

3.37%

    Health Care - Not-for-Profit                          

3.36%

    Industrial Development - Utility                      

1.73%

    Higher Education - Private                            

1.59%

    Primary/Secondary Ed. - Private                       

0.84%

    Senior Living                                         

0.82%

    Prepay Energy                                         

0.69%

    Primary/Secondary Ed. - Public                        

0.48%

SUBTOTAL                                                   

46.02%

Tax Supported


    Special Tax                                          

17.46%

    Local G.O.                                           

11.54%

    State G.O.                                            

5.21%

    Tax-Supported Local Lease                             

3.40%

    Assessment District                                   

2.67%

    State Lease                                           

1.77%

    Tax-Supported State Lease                             

1.43%

SUBTOTAL                                                   

43.48%

Prerefunded/ETM                                             

4.19%

Insured/Guaranteed


    Insured                                               

2.53%

    Guaranteed                                            

1.50%

SUBTOTAL                                                    

4.03%

Asset-Backed


    Housing - Multi-Family                                

1.65%

    Housing - Single Family                               

0.63%

SUBTOTAL                                                    

2.28%

Total                                                    

100.00%



State Breakdown



Portfolio %

Texas                                                     

19.30%

New York                                                  

15.07%

California                                                

12.99%

Florida                                                    

6.82%

Washington                                                 

4.90%

Michigan                                                   

4.62%

Louisiana                                                  

4.25%

Illinois                                                   

4.17%

South Carolina                                             

3.58%

Colorado                                                   

2.74%

Georgia                                                    

2.20%

Ohio                                                       

1.76%

New Jersey                                                 

1.73%

Oregon                                                     

1.56%

Pennsylvania                                               

1.44%

Hawaii                                                     

1.43%

Alaska                                                     

1.41%

Puerto Rico                                                

1.28%

Alabama                                                    

1.17%

Nevada                                                     

1.07%

Wisconsin                                                  

0.96%

Arizona                                                    

0.88%

Rhode Island                                               

0.84%

North Carolina                                             

0.61%

Mississippi                                                

0.56%

Virginia                                                   

0.51%

Tennessee                                                  

0.38%

Maine                                                      

0.34%

Indiana                                                    

0.32%

Missouri                                                   

0.32%

Massachusetts                                              

0.30%

Kansas                                                     

0.20%

Minnesota                                                  

0.17%

New Hampshire                                              

0.12%

Total Investments                                        

100.00%



Credit Quality Breakdown



Portfolio %

    AAA                                            

19.58%

    AA                                             

51.73%

    A                                              

12.22%

    BBB                                             

8.52%

    BB                                              

0.29%

    B                                               

0.43%

    Not Rated                                       

3.04%

    Pre-refunded Bonds                              

4.19%

    Total Investments                             

100.00%



Bonds By Maturity



Portfolio %

Less than 1 year                                           

1.81%

1 to 5 years                                               

2.84%

5 to 10 years                                              

9.23%

10 to 20 years                                            

78.44%

20 to 30 years                                             

7.68%

More than 30 years                                         

0.00%

Other                                                      

0.00%

Total Investments                                        

100.00%



Portfolio Statistics:


    AMT Percentage:                                        

8.46%

    Average Coupon:                                        

0.00%

    Percentage of Leverage:


        Bank Borrowing:                                     

0.00%

        Investment Operations:                              

0.07%

        Preferred Stock:                                   

35.78%

        Tender Option Bonds:                                

6.32%

        Term Asset-Backed Loans Facility (TALF):            

0.00%

        Total Fund Leverage:                              

42.17%*

    Average Effective Maturity:                       

5.93 Years

    Effective Duration:                               

5.28 Years

    Total Net Assets:                          

$677.03 Million**

    Common Stock Net Asset Value:                         

$15.13

    Number of Holdings:                                      

192

    Portfolio Turnover:                                      

28%

* The total percentage of leverage constitutes 6.32% through the use of tender option bonds, 35.78% in issued and outstanding preferred stock and 0.07% 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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