AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update

Jun 27, 2013, 16:07 ET from AllianceBernstein National Municipal Income Fund, Inc.

NEW YORK, June 27, 2013 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB) (the "Fund") today released its monthly portfolio update as of May 31, 2013.


 

AllianceBernstein National Municipal Income Fund, Inc.

 

Top 10 Fixed-Income Holdings


 

     Portfolio %

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

3.37%

2) Wayne State Univ MI   Series 2009  5.00%,         

2.67%

11/15/29      


 

3) Washington Fed Hwy Grant   Series 2012F      

2.54%

5.00%,  9/01/24         


 

4) Metro Atlanta Rapid Tran Auth GA     5.00%,      

2.19%

7/01/27                              


 

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

1.98%

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


 

6) Univ of Illinois   AGM  5.25%,  10/01/26            

1.74%

7) Triborough Brdg & Tunl Auth NY     5.00%,        

1.67%

1/01/26                       


 

8) Metropolitan Trnsp Auth NY (Metro Trnsp Auth     

1.66%

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


 

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

1.36%

10) San Francisco City/Cnty CA Pub Util Wtr           

1.34%

Series 2012C  5.00%,  11/01/27                 


 

 

Sector/Industry Breakdown


 

 

Portfolio %

Revenue


 

    Water & Sewer                               

10.04%

    Toll Roads/Transit                           

9.41%

    Revenue - Miscellaneous                  

8.18%

    Higher Education - Public                 

4.01%

    Airport                                        

3.68%

    Health Care - Not-for-Profit            

3.39%

    Electric Utility                            

3.35%

    Higher Education - Private             

2.06%

    Industrial Development - Utility        

1.75%

    Primary/Secondary Ed. - Private        

0.85%

    Senior Living                                 

0.84%

    Prepay Energy                             

0.69%

    Primary/Secondary Ed. - Public          

0.42%

SUBTOTAL                                     

48.67%

Tax Supported


 

    Special Tax                                    

16.27%

    Local G.O.                                   

10.96%

    State G.O.                                   

5.82%

    Tax-Supported Local Lease            

3.17%

    Assessment District                     

2.60%

    State Lease                               

1.74%

    Tax-Supported State Lease          

1.44%

SUBTOTAL                            

42.00%

Insured/Guaranteed


 

    Insured                                   

2.60%

    Guaranteed                              

1.49%

SUBTOTAL                               

4.09%

Prerefunded/ETM                        

2.92%

Asset-Backed


 

    Housing - Multi-Family                 

1.68%

    Housing - Single Family                

0.57%

SUBTOTAL                                   

2.25%

Cash Equivalents


 

    Investment Companies                    

0.07%

SUBTOTAL                                     

0.07%

Total                                             

100.00%


 

 

State Breakdown


 

 

 

Portfolio %

Texas                                            

19.04%

New York                                        

13.79%

California                                       

12.69%

Florida                                         

6.78%

Illinois                                         

5.58%

Washington                                 

4.88%

Michigan                                      

4.71%

Louisiana                                    

4.25%

South Carolina                             

3.60%

Colorado                                     

2.69%

Georgia                                      

2.41%

Ohio                                         

1.76%

New Jersey                                

1.74%

Oregon                                      

1.57%

Pennsylvania                              

1.45%

Hawaii                                       

1.43%

Puerto Rico                                

1.28%

Alabama                                     

1.18%

Massachusetts                            

1.09%

Alaska                                        

0.98%

Virginia                                        

0.96%

Arizona                                             

0.88%

Wisconsin                                         

0.88%

Rhode Island                                     

0.85%

North Carolina                                   

0.61%

Mississippi                                       

0.57%

Nevada                                           

0.40%

Tennessee                                      

0.38%

Maine                                            

0.34%

Indiana                                         

0.33%

Missouri                                      

0.32%

Kansas                                       

0.21%

Minnesota                                   

0.18%

New Hampshire                            

0.12%

Other                                            

0.07%

Total Investments                            

100.00%


 

 

    Credit Quality Breakdown


 

         Portfolio %


 

         AAA                                      

19.66%

         AA                                       

51.20%

         A                                         

15.25%

         BBB                                    

7.36%

         BB                                      

0.29%

         B                                        

0.44%

        Not Rated                            

2.81%

        Pre-refunded Bonds               

2.92%

        Short Term Investments          

0.07%

        Total Investments                   

100.00%


 

 

Bonds By Maturity


 

 

 

Portfolio %

Less than 1 year                              

0.08%

1 to 5 years                                     

3.73%

5 to 10 years                                  

12.23%

10 to 20 years                                 

76.01%

20 to 30 years                                  

7.95%

More than 30 years                           

0.00%

Other                                              

0.00%

Total Investments                             

100.00%


 

 

Portfolio Statistics:


 

    AMT Percentage:                           

8.14%

    Average Coupon:                            

5.49%

    Percentage of Leverage:


 

        Bank Borrowing:              

0.00%

        Investment Operations:      

0.00%

        Preferred Stock:                 

36.40%

        Tender Option Bonds:          

6.43%

        Term Asset-Backed Loans Facility (TALF):  

0.00%

        Total Fund Leverage:                   

            42.83%*

    Average Effective Maturity:            

            6.02 Years

    Effective Duration:                      

          5.34 Years

    Total Net Assets:                      

     $665.50 Million**

    Common Stock Net Asset Value:   

$14.73

    Number of Holdings:                       

177

    Portfolio Turnover:                         

28%

 

* The total percentage of leverage constitutes 6.43% through the use of tender option bonds, 36.40% in issued and outstanding preferred stock 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 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.