AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update

Published

NEW YORK, May 24, 2019 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. [NYSE: AFB] (the "Fund") today released its monthly portfolio update as of April 30, 2019.

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% 2.55%
2) State of Connecticut Special Tax Revenue    Series 2012  5.00%, 1/01/29 2.25%
3) Massachusetts School Building Authority  (Massachusetts School Building Authority Sales Tax)  Series 2011B  5.00%, 10/15/32 2.07%
4) Central Plains Energy Project  (Goldman Sachs Group, Inc. (The))  Series 2017A  5.00%, 9/01/42 1.86%
5) Jefferson County Board of Education/AL    Series 2018  5.00%, 2/01/46 1.70%
6) Los Angeles Department of Water & Power Power System Revenue    Series 2013B  5.00%, 7/01/30 1.68%
7) Wisconsin Public Finance Authority(CHF - Wilmington LLC)  AGM    5.00%, 7/01/58 1.64%
8) Detroit Downtown Development Authority  AGM  Series 2018A  5.00%, 7/01/48 1.60%
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./NJ    Series 2018A  5.00%, 6/01/46 1.46%
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  (Massachusetts School Building Authority Sales Tax)  Series 2011B  5.00%, 10/15/32 2.07%
4) Central Plains Energy Project  (Goldman Sachs Group, Inc. (The))  Series 2017A  5.00%, 9/01/42 1.86%
5) Jefferson County Board of Education/AL    Series 2018  5.00%, 2/01/46 1.70%
6) Los Angeles Department of Water & Power Power System Revenue    Series 2013B  5.00%, 7/01/30 1.68%
7) Wisconsin Public Finance Authority(CHF - Wilmington LLC)  AGM    5.00%, 7/01/58 1.64%
8) Detroit Downtown Development Authority  AGM  Series 2018A  5.00%, 7/01/48 1.60%
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./NJ    Series 2018A  5.00%, 6/01/46 1.46%

AllianceBernstein National Municipal Income Fund, Inc.
Sector/Industry Breakdown Portfolio %
Revenue
Top 10 Fixed-Income Holdings Portfolio % Health Care - Not-for-Profit 17.38%
1) Metropolitan Transportation Authority  (Metropolitan Transportation Authority Ded Tax)  Series 2016A  5.25%, 11/15/35 2.55% 2.55% Airport 9.74%
2) State of Connecticut Special Tax Revenue    Series 2012  5.00%, 1/01/29 2.25% Toll Roads/Transit 7.42%
3) Massachusetts School Building Authority  (Massachusetts School Building Authority Sales Tax)  Series 2011B  5.00%, 10/15/32 2.07% Electric Utility 4.70%
4) Central Plains Energy Project  (Goldman Sachs Group, Inc. (The))  Series 2017A  5.00%, 9/01/42 1.86% Revenue - Miscellaneous 4.58%
5) Jefferson County Board of Education/AL    Series 2018  5.00%, 2/01/46 1.70% Water & Sewer 3.07%
6) Los Angeles Department of Water & Power Power System Revenue    Series 2013B  5.00%, 7/01/30 1.68% Prepay Energy 2.55%
7) Wisconsin Public Finance Authority(CHF - Wilmington LLC)  AGM    5.00%, 7/01/58 1.64% Higher Education - Public 1.78%
8) Detroit Downtown Development Authority  AGM  Series 2018A  5.00%, 7/01/48 1.60% Port 1.51%
9) Miami Beach Health Facilities Authority  (Mount Sinai Medical Center of Florida, Inc.)  Series 2014  5.00%, 11/15/39 1.51% Tobacco Securitization 1.46%
10) Tobacco Settlement Financing Corp./NJ    Series 2018A  5.00%, 6/01/46 1.46% Industrial Development - Utility 1.06%
Higher Education - Private 0.59%
Primary/Secondary Ed. - Public 0.27%
Top 10 Fixed-Income Holdings Portfolio % Senior Living 0.26%
1) Metropolitan Transportation Authority  (Metropolitan Transportation Authority Ded Tax)  Series 2016A  5.25%, 11/15/35 2.55% Industrial Development - Industry 0.19%
2) State of Connecticut Special Tax Revenue    Series 2012  5.00%, 1/01/29 2.25% SUBTOTAL 56.56%
3) Massachusetts School Building Authority  (Massachusetts School Building Authority Sales Tax)  Series 2011B  5.00%, 10/15/32 2.07% Tax Supported
4) Central Plains Energy Project  (Goldman Sachs Group, Inc. (The))  Series 2017A  5.00%, 9/01/42 1.86% Special Tax 17.90%
5) Jefferson County Board of Education/AL    Series 2018  5.00%, 2/01/46 1.70% State G.O. 6.64%
6) Los Angeles Department of Water & Power Power System Revenue    Series 2013B  5.00%, 7/01/30 1.68% Local G.O. 3.37%
7) Wisconsin Public Finance Authority(CHF - Wilmington LLC)  AGM    5.00%, 7/01/58 1.64% Tax-Supported State Lease 3.02%
8) Detroit Downtown Development Authority  AGM  Series 2018A  5.00%, 7/01/48 1.60% Assessment District 2.09%
9) Miami Beach Health Facilities Authority  (Mount Sinai Medical Center of Florida, Inc.)  Series 2014  5.00%, 11/15/39 1.51% Tax-Supported Local Lease 0.80%
10) Tobacco Settlement Financing Corp./NJ    Series 2018A  5.00%, 6/01/46 1.46% SUBTOTAL 33.82%
Prerefunded/ETM 8.83%
Insured/Guaranteed
Guaranteed 0.79%
SUBTOTAL 0.79%
Total 100.00%
State Breakdown Portfolio %
California 12.54%
New York 11.89%
Pennsylvania 7.85%
Illinois 7.41%
New Jersey 7.06%
Michigan 6.97%
Texas 6.16%
Connecticut 5.42%
Florida 4.28%
South Carolina 3.05%
Massachusetts 2.47%
Alabama 2.38%
Nebraska 1.86%
Wisconsin 1.64%
North Carolina 1.58%
Minnesota 1.47%
Oklahoma 1.47%
Washington 1.35%
Tennessee 1.21%
Utah 1.19%
Hawaii 1.18%
Colorado 1.12%
Maryland 1.10%
District of Columbia 1.00%
Georgia 0.92%
Ohio 0.90%
Kansas 0.85%
Kentucky 0.83%
Oregon 0.79%
Arizona 0.69%
West Virginia 0.65%
Arkansas 0.33%
Indiana 0.20%
Iowa 0.19%
Total Investments 100.00%
Credit Quality Breakdown Portfolio %
AAA 8.14%
AA 32.72%
A 35.84%
BBB 12.68%
BB 0.49%
B 0.46%
D 0.00%
Not Rated 0.84%
Pre-refunded Bonds 8.83%
Total Investments 100.00%
Bonds By Maturity Portfolio %
Less than 1 year 0.00%
1 to 5 years 1.74%
5 to 10 years 14.72%
10 to 20 years 43.77%
20 to 30 years 35.60%
More Than 30 years 4.17%
Other 0.00%
Total Investments 100.00%
Portfolio Statistics:
AMT Percent: 10.27%
Average Coupon: 5.14%
Percentage of Leverage:
Bank Borrowing: 0.00%
Investment Operations: 0.00%
Auction Preferred Shares (APS): 0.43%
Tender Option Bonds: 4.05%
Variable Rate MuniFund Term Preferred Shares (VMTPs): 35.50%
Total Fund Leverage: 39.98%*
Average Effective Maturity: 5.68  Years
Effective Duration: 4.94  Years
Total Net Assets: $426.86 Million**
Common Stock Net Asset Value: $14.75
Number of Holdings: 158
Portfolio Turnover: 22%
* The total percentage of leverage constitutes 4.05% through the use of tender option bonds, 0.430% in issued and outstanding APS,35.50%  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.
** Includes $2,750,000 of APS at liquidation value.The Fund also had outstanding $229,375,000 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-300856716.html

SOURCE AllianceBernstein National Municipal Income Fund

In This Story