Market Overview

AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update

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NEW YORK, May 22, 2020 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc.(NYSE:AFB) (the "Fund") today released its monthly portfolio update as of April 30,2020.

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

2.48%

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

2.31%

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

2.13%

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

1.90%

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

1.79%

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

1.72%

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

1.70%

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

1.69%

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

1.51%

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

1.45%




Sector/Industry Breakdown


Portfolio %

Revenue



Health Care - Not-for-Profit


19.45%

Airport


8.91%

Toll Roads/Transit


7.06%

Electric Utility


4.95%

Revenue - Miscellaneous


4.66%

Water & Sewer


3.14%

Prepay Energy


2.60%

Tobacco Securitization


1.45%

Higher Education - Public


1.13%

Industrial Development - Utility


1.01%

Port


0.71%

Higher Education - Private


0.71%

Primary/Secondary Ed. - Public


0.28%

Senior Living


0.23%

Industrial Development - Industry


0.18%

SUBTOTAL


56.47%

Tax Supported



Special Tax


18.65%

State G.O.


7.52%

Local G.O.


3.39%

Tax-Supported State Lease


2.21%

Assessment District


2.21%

Tax-Supported Local Lease


0.57%

SUBTOTAL


34.55%

Prerefunded/ETM


7.89%

Insured/Guaranteed



Guaranteed


0.80%

SUBTOTAL


0.80%

Asset-Backed



Housing - Multi-Family


0.29%

SUBTOTAL


0.29%

Total


100.00%




State Breakdown


Portfolio %

New York


11.85%

California


11.13%

Illinois


9.39%

Pennsylvania


7.79%

New Jersey


7.57%

Connecticut


5.72%

Florida


5.48%

Texas


4.81%

Michigan


4.59%

South Carolina


3.10%

Massachusetts


2.54%

Alabama


2.50%

Nebraska


1.90%

Colorado


1.85%

Oklahoma


1.77%

Wisconsin


1.69%

North Carolina


1.55%

Minnesota


1.48%

Tennessee


1.25%

Hawaii


1.19%

Utah


1.18%

Georgia


1.09%

Maryland


1.09%

District of Columbia


1.03%

Ohio


1.00%

Guam


0.88%

Kansas


0.85%

Kentucky


0.84%

Arizona


0.70%

West Virginia


0.64%

Puerto Rico


0.46%

Arkansas


0.33%

Indiana


0.20%

Iowa


0.18%

Louisiana


0.15%

New Hampshire


0.12%

Oregon


0.11%

Total Investments


100.00%




Credit Quality Breakdown


Portfolio %

AAA


6.21%

AA


29.44%

A


38.82%

BBB


14.46%

BB


1.68%

D


0.28%

Not Rated


1.22%

Pre-refunded Bonds


7.89%

Total Investments


100.00%




Bonds By Maturity


Portfolio %

Less than 1 year


0.00%

1 to 5 years


1.09%

5 to 10 years


16.81%

10 to 20 years


44.32%

20 to 30 years


32.09%

More Than 30 years


5.69%

Other


0.00%

Total Investments


100.00%




Portfolio Statistics:



AMT Percent:


10.48%

Average Coupon:


5.17%

Percentage of Leverage:



Bank Borrowing:


0.00%

Investment Operations:


0.00%

Auction Preferred Shares (APS):


0.00%

Tender Option Bonds:


4.23%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

37.48%

Total Fund Leverage:


41.71%*

Average Effective Maturity:


6.41  Years

Effective Duration:


5.27  Years

Total Net Assets:


$398.68 Million**

Common Stock Net Asset Value:


$13.87

Number of Holdings:


169

Portfolio Turnover:


14%




* The total percentage of leverage constitutes 4.23% through the use of tender option bonds, 37.48%  in issued and outstanding VMTPs and 0.00% 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-301064406.html

SOURCE AllianceBernstein National Municipal Income Fund, Inc.

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