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AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update

NEW YORK, Aug. 23, 2019 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. [NYSE: AFB] (the "Fund") today released its monthly portfolio update as of July 31, 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) State of Connecticut Special Tax Revenue    Series 2012  5.00%, 1/01/29

2.22%

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

2.03%

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

1.93%

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

1.69%

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

1.66%

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

1.63%

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

1.59%

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

1.50%

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

1.45%




Sector/Industry Breakdown


Portfolio %

Revenue



Health Care - Not-for-Profit


17.32%

Airport


8.81%

Toll Roads/Transit


7.34%

Electric Utility


4.67%

Revenue - Miscellaneous


4.57%

Water & Sewer


3.03%

Prepay Energy


2.61%

Higher Education - Public


1.75%

Port


1.50%

Tobacco Securitization


1.45%

Industrial Development - Utility


1.02%

Higher Education - Private


0.59%

Senior Living


0.27%

Primary/Secondary Ed. - Public


0.26%

Industrial Development - Industry


0.19%

SUBTOTAL


55.38%

Tax Supported



Special Tax


18.08%

State G.O.


6.60%

Local G.O.


3.72%

Assessment District


2.07%

Tax-Supported State Lease


1.68%

Tax-Supported Local Lease


0.79%

SUBTOTAL


32.94%

Prerefunded/ETM


7.91%

Cash Equivalents



Investment Companies


2.99%

SUBTOTAL


2.99%

Insured/Guaranteed



Guaranteed


0.78%

SUBTOTAL


0.78%

Total


100.00%




State Breakdown


Portfolio %

New York


11.74%

California


10.85%

Pennsylvania


8.21%

Illinois


7.38%

New Jersey


7.03%

Michigan


6.82%

Texas


6.04%

Connecticut


5.36%

Florida


4.25%

South Carolina


3.04%

Massachusetts


2.43%

Alabama


2.38%

Nebraska


1.93%

Wisconsin


1.63%

North Carolina


1.58%

Minnesota


1.47%

Oklahoma


1.46%

Tennessee


1.19%

Utah


1.18%

Hawaii


1.16%

Colorado


1.11%

Maryland


1.09%

District of Columbia


0.99%

Georgia


0.92%

Ohio


0.91%

Kansas


0.85%

Kentucky


0.82%

Oregon


0.77%

Arizona


0.68%

West Virginia


0.65%

Puerto Rico


0.38%

Arkansas


0.32%

Indiana


0.20%

Iowa


0.19%

Other


2.99%

Total Investments


100.00%




Credit Quality Breakdown


Portfolio %

AAA


8.05%

AA


30.17%

A


36.13%

BBB


12.62%

BB


0.49%

B


0.19%

CC


0.26%

D


0.00%

Not Rated


1.19%

Pre-refunded Bonds


7.91%

Short-Term Investments


2.99%

Total Investments


100.00%




Bonds By Maturity


Portfolio %

Less than 1 year


2.99%

1 to 5 years


0.99%

5 to 10 years


15.59%

10 to 20 years


40.58%

20 to 30 years


34.64%

More Than 30 years


4.54%

Other


0.67%

Total Investments


100.00%




Portfolio Statistics:



AMT Percent:


10.30%

Average Coupon:


4.97%

Percentage of Leverage:



Bank Borrowing:


0.00%

Investment Operations:


0.00%

Auction Preferred Shares (APS):


0.42%

Tender Option Bonds:


3.96%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

34.63%

Total Fund Leverage:


39.01%*

Average Effective Maturity:


5.57  Years

Effective Duration:


4.86  Years

Total Net Assets:


$438.96 Million**

Common Stock Net Asset Value:


$15.18

Number of Holdings:


156

Portfolio Turnover:


22%





* The total percentage of leverage constitutes 3.96% through the use of tender option bonds, 0.420% in issued and outstanding APS,34.63%  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

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