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AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update

NEW YORK, Sept. 23, 2019 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB) (the "Fund") today released its monthly portfolio update as of August 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

2.57%

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

2.23%

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

2.03%

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

2.01%

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

1.72%

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

1.64%

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

1.61%

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

1.51%

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

1.48%




Sector/Industry Breakdown


Portfolio %

Revenue



Health Care - Not-for-Profit


18.13%

Airport


8.87%

Toll Roads/Transit


7.36%

Electric Utility


4.66%

Revenue - Miscellaneous


4.61%

Water & Sewer


3.00%

Prepay Energy


2.71%

Higher Education - Public


1.73%

Port


1.52%

Tobacco Securitization


1.48%

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


56.40%

Tax Supported



Special Tax


18.07%

State G.O.


6.63%

Local G.O.


3.48%

Tax-Supported State Lease


2.42%

Assessment District


2.10%

Tax-Supported Local Lease


0.58%

SUBTOTAL


33.28%

Prerefunded/ETM


6.98%

Cash Equivalents



Investment Companies


2.55%

SUBTOTAL


2.55%

Insured/Guaranteed



Guaranteed


0.79%

SUBTOTAL


0.79%

Total


100.00%




State Breakdown


Portfolio %

New York


11.73%

California


10.55%

Pennsylvania


8.30%

New Jersey


7.78%

Illinois


7.48%

Michigan


6.80%

Connecticut


5.36%

Texas


4.94%

Florida


4.28%

South Carolina


3.08%

Alabama


2.41%

Massachusetts


2.41%

Nebraska


2.03%

Wisconsin


1.66%

North Carolina


1.61%

Minnesota


1.49%

Oklahoma


1.48%

Tennessee


1.33%

Utah


1.20%

Colorado


1.18%

Hawaii


1.15%

Maryland


1.10%

District of Columbia


0.99%

Georgia


0.93%

Ohio


0.92%

Kansas


0.86%

Kentucky


0.81%

Oregon


0.76%

Arizona


0.68%

West Virginia


0.66%

Puerto Rico


0.39%

Washington


0.39%

Arkansas


0.32%

Indiana


0.20%

Iowa


0.19%

Other


2.55%

Total Investments


100.00%




Credit Quality Breakdown


Portfolio %

AAA


8.01%

AA


29.72%

A


37.23%

BBB


13.37%

BB


0.48%

B


0.19%

CC


0.26%

D


0.00%

Not Rated


1.21%

Pre-refunded Bonds


6.98%

Short-Term Investments


2.55%

Total Investments


100.00%




Bonds By Maturity


Portfolio %

Less than 1 year


2.55%

1 to 5 years


0.97%

5 to 10 years


15.01%

10 to 20 years


41.98%

20 to 30 years


34.88%

More Than 30 years


4.61%

Other


0.00%

Total Investments


100.00%




Portfolio Statistics:



AMT Percent:


10.31%

Average Coupon:


4.95%

Percentage of Leverage:



Bank Borrowing:


0.00%

Investment Operations:


0.00%

Auction Preferred Shares (APS):


0.09%

Tender Option Bonds:


3.90%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

34.57%

Total Fund Leverage:


38.56%*

Average Effective Maturity:


5.54  Years

Effective Duration:


4.89  Years

Total Net Assets:


$446.47 Million**

Common Stock Net Asset Value:


$15.51

Number of Holdings:


159

Portfolio Turnover:


22%




* The total percentage of leverage constitutes 3.90% through the use of tender option bonds, 0.090% in issued and outstanding APS,34.57%  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 $600,000 of APS at liquidation value.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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