AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update

Feb 22, 2016, 16:54 ET from AllianceBernstein National Municipal Income Fund

NEW YORK, Feb. 22, 2016 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB) (the "Fund") today released its monthly portfolio update as of January 31, 2016.

 

Top 10 Fixed-Income Holdings

Portfolio %

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

2.98%

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

2.55%

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

2.26%

4) Massachusetts School Building Authority (Massachusetts School Building Authority Sales Tax)  Series 2011B 5.00%, 10/15/32

2.12%

5) Los Angeles Department of Water & Power PWR Series 2013B 5.00%, 7/01/30

1.66%

6) City of New York NY Series 2012I 5.00%, 8/01/28

1.44%

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

1.40%

8) Port Authority of New York & New Jersey Series 2014186 5.00%, 10/15/44

1.24%

9) New York State Dormitory Authority (State of New York Pers Income Tax)  Series 2012B 5.00%, 3/15/32

1.23%

10) Pennsylvania Economic Development Financing Authority (PA Bridges Finco LP)  Series 2015 5.00%, 12/31/38

1.22%







Sector/Industry Breakdown

Portfolio %

Revenue


Toll Roads/Transit

10.17%

Health Care - Not-for-Profit

9.79%

Higher Education - Public

6.88%

Airport

6.50%

Water & Sewer

5.62%

Electric Utility

3.93%

Revenue - Miscellaneous

3.63%

Industrial Development - Utility

0.94%

Port

0.83%

Prepay Energy

0.69%

Senior Living

0.41%

Higher Education - Private

0.31%

Primary/Secondary Ed. - Public

0.22%

SUBTOTAL

49.92%

Tax Supported


Special Tax

17.98%

State G.O.

7.25%

Local G.O.

6.62%

Tax-Supported Local Lease

3.20%

Tax-Supported State Lease

2.53%

SUBTOTAL

37.58%

Prerefunded/ETM

6.42%

Note/VRDBs


Money Market

2.98%

SUBTOTAL

2.98%

Insured/Guaranteed


Guaranteed

0.90%

Insured

0.68%

SUBTOTAL

1.58%

Cash Equivalents


Investment Companies

1.52%

SUBTOTAL

1.52%

Total

100.00%



State Breakdown

Portfolio %

New York

16.20%

California

15.53%

Texas

12.28%

Florida

6.48%

Connecticut

5.88%

New Jersey

4.94%

Illinois

4.84%

Pennsylvania

4.81%

Michigan

4.78%

Massachusetts

2.53%

Hawaii

1.70%

Washington

1.57%

Tennessee

1.50%

Colorado

1.44%

North Carolina

1.37%

Louisiana

1.29%

Kentucky

1.23%

Maryland

1.01%

South Carolina

1.00%

Ohio

0.99%

Alabama

0.90%

District of Columbia

0.83%

Oregon

0.83%

Indiana

0.77%

Georgia

0.76%

Arizona

0.69%

Mississippi

0.55%

Minnesota

0.43%

Arkansas

0.31%

Missouri

0.30%

Alaska

0.28%

Oklahoma

0.26%

Wisconsin

0.20%

Other

1.52%

Total Investments

100.00%



Credit Quality Breakdown

Portfolio %

AAA

14.87%

AA

48.47%

A

18.22%

BBB

9.46%

B

0.22%

Not Rated

0.82%

Pre-refunded Bonds

6.42%

Short Term Investments

1.52%

Total Investments

100.00%



Bonds By Maturity

Portfolio %

Less than 1 year

1.52%

1 to 5 years

0.90%

5 to 10 years

11.13%

10 to 20 years

67.80%

20 to 30 years

18.65%

More than 30 years

0.00%

Other

0.00%

Total Investments

100.00%



Portfolio Statistics:


AMT Percentage:

9.43%

Average Coupon:

5.31%

Percentage of Leverage:


Bank Borrowing:

0.00%

Investment Operations:

1.76%

Auction Preferred Shares (APS):

13.76%

Tender Option Bonds:

6.62%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

21.08%

Total Fund Leverage:

43.22%*

Average Effective Maturity:

6.48 Years

Effective Duration:

5.72 Years

Total Net Assets:

$535.19 Million**

Common Stock Net Asset Value:

$15.41

Number of Holdings:

172

Portfolio Turnover:

24%

* The total percentage of leverage constitutes 6.62% through the use of tender option bonds, 13.76% in issued and outstanding APS, 21.08% in issued and outstanding VMTPs and 1.76% 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 $92,125,000 of APS at liquidation value.
The Fund also had outstanding $141,100,000 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. 

SOURCE AllianceBernstein National Municipal Income Fund



RELATED LINKS

http://www.alliancebernstein.com