AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update

Dec 26, 2013, 16:23 ET from AllianceBernstein National Municipal Income Fund, Inc.

NEW YORK, Dec. 26, 2013 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. [NYSE: AFB] (the "Fund") today released its monthly portfolio update as of November 30, 2013.

 

AllianceBernstein National Municipal Income Fund, Inc.



Top 10 Fixed-Income Holdings



Portfolio %

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

3.39%

2) Wayne State Univ MI Series 2009A 5.00%, 11/15/29

2.53%

3) Connecticut Spl Tax Obl (Connecticut Trnsp Prog Spl Tax) 5.00%, 1/01/29

2.23%

4) Massachusetts Sch Bldg Auth (Massachusetts Sch Sales Tax)  Series 2011B 5.00%, 10/15/32

2.05%

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

1.73%

6) Triborough Brdg & Tunl Auth NY Series 2011A 5.00%, 1/01/26

1.64%

7) Los Angeles CA Dept W&P Pwr Series 2013B 5.00%, 7/01/30

1.59%

8) New York NY GO Series 2012I 5.00%, 8/01/28

1.41%

9) Texas GO Series 2002A 5.50%, 8/01/41

1.39%

10) Washington St COP (Washington St Go)  Series 2012R 5.00%, 7/01/26

1.38%



Sector/Industry Breakdown



Portfolio %

Tax Supported


Special Tax

19.32%

Local G.O.

8.27%

State G.O.

8.07%

Assessment District

2.42%

Tax-Supported State Lease

2.29%

Tax-Supported Local Lease

1.82%

State Lease

1.73%

SUBTOTAL

43.92%

Revenue


Toll Roads/Transit

8.66%

Water & Sewer

8.04%

Higher Education - Public

5.84%

Airport

5.04%



Electric Utility

4.34%

Revenue - Miscellaneous

3.19%

Health Care - Not-for-Profit

3.09%

Higher Education - Private

2.00%

Industrial Development - Utility

1.10%

Primary/Secondary Ed. - Private

0.86%

Prepay Energy

0.67%

Senior Living

0.65%

Primary/Secondary Ed. - Public

0.41%

SUBTOTAL

43.89%

Insured/Guaranteed


Insured

2.61%

Guaranteed

1.48%

SUBTOTAL

4.09%

Prerefunded/ETM

3.42%

Cash Equivalents


Investment Companies

2.80%

SUBTOTAL

2.80%

Asset-Backed


Housing - Multi-Family

1.88%

SUBTOTAL

1.88%

Total

100.00%



State Breakdown



Portfolio %

New York

15.45%

Texas

15.41%

California

14.63%

Illinois

5.41%

Connecticut

4.99%

Michigan

4.99%

Massachusetts

3.82%

Colorado

3.73%

Washington

3.68%

Florida

3.06%

New Jersey

2.65%

Louisiana

2.56%

South Carolina

2.29%

Oregon

1.55%

Pennsylvania

1.40%

Alabama

1.20%

Puerto Rico

1.02%

Ohio

0.96%

Wisconsin

0.88%

Virginia

0.87%

Rhode Island

0.86%

Arizona

0.85%

Kentucky

0.80%



Hawaii

0.75%

Alaska

0.66%

North Carolina

0.61%

Mississippi

0.59%

Tennessee

0.37%

Indiana

0.33%

Missouri

0.32%

Georgia

0.21%

Minnesota

0.18%

New Hampshire

0.12%

Other

2.80%

Total Investments

100.00%



Credit Quality Breakdown



Portfolio %

AAA

20.63%

AA

46.50%

A

17.18%

BBB

5.67%

BB

0.28%

B

0.46%

Not Rated

3.16%

Pre-refunded Bonds

3.32%

Short Term Investments

2.80%

Total Investments

100.00%



Bonds By Maturity



Portfolio %

Less than 1 year

4.61%

1 to 5 years

2.25%

5 to 10 years

14.09%

10 to 20 years

71.94%

20 to 30 years

6.95%

More than 30 years

0.16%

Other

0.00%

Total Investments

100.00%



Portfolio Statistics:


AMT Percentage:

8.19%

Average Coupon:

5.54%

Percentage of Leverage:


Bank Borrowing:

0.00%

Investment Operations:

0.00%

Preferred Stock:

38.24%

Tender Option Bonds:

6.75%

Term Asset-Backed Loans Facility (TALF):

0.00%

Total Fund Leverage:

44.99%*

Average Effective Maturity:

6.20 Years

Effective Duration:

5.59 Years



Total Net Assets:

$633.50 Million**

Common Stock Net Asset Value:

$13.61

Number of Holdings:

171

Portfolio Turnover:

28%



* The total percentage of leverage constitutes 6.75% through the use of tender option bonds, 38.24% 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.