AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update
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
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