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AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update

NEW YORK, March 23, 2020 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB) (the "Fund") today released its monthly portfolio update as of February 29, 2020.


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

2.52%

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

2.14%

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

2.06%

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

1.93%

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

1.70%

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

1.66%

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

1.58%

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

1.56%

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

1.52%

10) Metropolitan Pier & Exposition Authority      5.00%, 6/15/50

1.49%




Sector/Industry Breakdown


Portfolio %

Revenue



Health Care - Not-for-Profit


19.74%

Airport


8.68%

Toll Roads/Transit


6.92%

Revenue - Miscellaneous


4.71%

Electric Utility


4.70%

Water & Sewer


2.89%

Prepay Energy


2.70%

Tobacco Securitization


1.52%

Higher Education - Public


1.03%

Industrial Development - Utility


0.98%

Higher Education - Private


0.76%

Port


0.68%

Senior Living


0.26%

Primary/Secondary Ed. - Public


0.26%

Industrial Development - Industry


0.19%

SUBTOTAL


56.02%

Tax Supported



Special Tax


18.04%

State G.O.


7.72%

Local G.O.


3.25%

Tax-Supported State Lease


2.40%

Assessment District


2.04%

Tax-Supported Local Lease


0.57%

SUBTOTAL


34.02%

Prerefunded/ETM


7.79%

Cash Equivalents



Investment Companies


1.08%

SUBTOTAL


1.08%

Insured/Guaranteed



Guaranteed


0.76%

SUBTOTAL


0.76%

Asset-Backed



Housing - Multi-Family


0.33%

SUBTOTAL


0.33%

Total


100.00%




State Breakdown


Portfolio %

New York


11.38%

California


10.35%

Illinois


10.20%

Pennsylvania


7.77%

New Jersey


7.67%

Connecticut


5.40%

Florida


5.35%

Texas


4.54%

Michigan


4.28%

South Carolina


3.05%

Alabama


2.38%

Massachusetts


2.31%

Nebraska


2.06%

Colorado


1.81%

Oklahoma


1.76%

Wisconsin


1.66%

North Carolina


1.59%

Minnesota


1.51%

Tennessee


1.38%

Utah


1.18%

Hawaii


1.11%

Georgia


1.08%

Maryland


1.08%

Ohio


1.03%

District of Columbia


0.95%

Guam


0.84%

Kansas


0.84%

Kentucky


0.81%

Oregon


0.73%

Arizona


0.65%

West Virginia


0.65%

Puerto Rico


0.51%

Arkansas


0.32%

Indiana


0.19%

Iowa


0.19%

Louisiana


0.17%

New Hampshire


0.14%

Other


1.08%

Total Investments


100.00%




Credit Quality Breakdown


Portfolio %

AAA


5.81%

AA


29.37%

A


36.98%

BBB


15.70%

BB


1.72%

D


0.26%

Not Rated


1.29%

Pre-refunded Bonds


7.79%

Short-Term Investments


1.08%

Total Investments


100.00%




Bonds By Maturity


Portfolio %

Less than 1 year


1.08%

1 to 5 years


0.91%

5 to 10 years


16.41%

10 to 20 years


43.30%

20 to 30 years


32.27%

More Than 30 years


6.03%

Other


0.00%

Total Investments


100.00%




Portfolio Statistics:



AMT Percent:


10.46%

Average Coupon:


5.18%

Percentage of Leverage:



Bank Borrowing:


0.00%

Investment Operations:


1.58%

Auction Preferred Shares (APS):


0.00%

Tender Option Bonds:


3.84%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

33.97%

Total Fund Leverage:


39.39%*

Average Effective Maturity:


5.64  Years

Effective Duration:


5.02  Years

Total Net Assets:


$457.77 Million**

Common Stock Net Asset Value:


$15.62

Number of Holdings:


172

Portfolio Turnover:


14%

 

* The total percentage of leverage constitutes 3.84% through the use of tender option bonds, 33.97%  in issued and outstanding VMTPs and 1.580% 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.

















** The Fund also had outstanding $232,125,000 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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SOURCE AllianceBernstein National Municipal Income Fund, Inc.