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PRNewswire 26-Apr-2022 4:06 PM
NEW YORK, April 26, 2022 /PRNewswire/ -- AB National Municipal Income Fund (NYSE:AFB) (the "Fund") today released its monthly portfolio update as of March 31, 2022.
AB National Municipal Income Fund | ||
Top 10 Fixed-Income Holdings | Portfolio % | |
1) Metropolitan Transportation Authority Series 2016-2 5.25%, 11/15/35 | 2.43% | |
2) State of Connecticut Special Tax Revenue Series 2012-A 5.00%, 01/01/29 | 2.16% | |
3) Central Plains Energy Project Series 2017-A 5.00%, 09/01/42 | 1.79% | |
4) Jefferson County Board of Education/AL Series 2018 5.00%, 02/01/46 | 1.73% | |
5) Wisconsin Public Finance Authority Series 2018 5.00%, 07/01/58 | 1.65% | |
6) Detroit Downtown Development Authority Series 2018-A 5.00%, 07/01/48 | 1.61% | |
7) Los Angeles Department of Water & Power Power System Revenue Series 2013-B 5.00%, 07/01/30 | 1.59% | |
8) Miami Beach Health Facilities Authority Series 2014 5.00%, 11/15/39 | 1.50% | |
9) Tobacco Settlement Financing Corp./NJ Series 2018-A 5.00%, 06/01/46 | 1.49% | |
10) Metropolitan Pier & Exposition Authority Series 2020 5.00%, 06/15/50 | 1.43% | |
Sector/Industry Breakdown | Portfolio % | |
Revenue | ||
Health Care - Not-for-Profit | 21.51% | |
Airport | 7.65% | |
Toll Roads/Transit | 7.63% | |
Revenue - Miscellaneous | 5.70% | |
Electric Utility | 5.24% | |
Prepay Energy | 2.61% | |
Tobacco Securitization | 2.32% | |
Water & Sewer | 2.17% | |
Higher Education - Private | 2.08% | |
Higher Education - Public | 1.04% | |
Primary/Secondary Ed. - Public | 0.98% | |
Port | 0.68% | |
Industrial Development - Utility | 0.48% | |
Industrial Development - Industry | 0.35% | |
Senior Living | 0.24% | |
SUBTOTAL | 60.68% | |
Tax Supported | ||
Special Tax | 14.63% | |
State G.O. | 7.74% | |
Local G.O. | 2.77% | |
Assessment District | 2.09% | |
State Lease | 1.12% | |
SUBTOTAL | 28.35% | |
Prerefunded/ETM | 10.23% | |
Asset-Backed | ||
Housing - Multi-Family | 0.47% | |
SUBTOTAL | 0.47% | |
Commercial Mortgage-Backed Securities | 0.15% | |
Cash & Cash Equivalents | ||
Funds and Investment Trusts | 0.12% | |
SUBTOTAL | 0.12% | |
Total | 100.00% | |
State Breakdown | Portfolio % | |
California | 12.17% | |
Illinois | 11.08% | |
New York | 10.16% | |
New Jersey | 8.32% | |
Pennsylvania | 7.77% | |
Connecticut | 4.70% | |
Florida | 4.69% | |
Texas | 3.93% | |
Michigan | 3.78% | |
Wisconsin | 3.26% | |
South Carolina | 3.04% | |
Alabama | 2.42% | |
North Carolina | 1.98% | |
Ohio | 1.86% | |
Colorado | 1.81% | |
Nebraska | 1.79% | |
Georgia | 1.77% | |
Oklahoma | 1.75% | |
Minnesota | 1.50% | |
Arizona | 1.43% | |
Tennessee | 1.41% | |
Utah | 1.16% | |
Maryland | 1.10% | |
Virginia | 1.05% | |
District of Columbia | 0.96% | |
Kansas | 0.86% | |
Kentucky | 0.82% | |
West Virginia | 0.66% | |
Massachusetts | 0.53% | |
Puerto Rico | 0.52% | |
Hawaii | 0.41% | |
Arkansas | 0.33% | |
Indiana | 0.20% | |
Iowa | 0.20% | |
Louisiana | 0.18% | |
Washington | 0.15% | |
New Hampshire | 0.13% | |
Other | 0.12% | |
Total Investments | 100.00% | |
Credit Quality Breakdown | Portfolio % | |
AAA | 4.56% | |
AA | 30.14% | |
A | 32.75% | |
BBB | 18.79% | |
BB | 2.44% | |
D | 0.20% | |
Not Rated | 0.77% | |
Pre-refunded Bonds | 10.23% | |
Short Term Investments | 0.12% | |
Total | 100.00% | |
Bonds by Maturity | Portfolio % | |
Less than 1 Year | 3.81% | |
1 To 5 Years | 8.16% | |
5 To 10 Years | 17.49% | |
10 To 20 Years | 29.41% | |
20 To 30 Years | 34.61% | |
More than 30 Years | 6.52% | |
Other | 0.00% | |
Total Net Assets | 100.00% | |
Portfolio Statistics: | ||
AMT Percent: | 10.18% | |
Average Coupon: | 4.90% | |
Percentage of Leverage: | ||
Bank Borrowing: | 0.00% | |
Investment Operations: | 1.61% | |
Auction Preferred Shares (APS): | 0.00% | |
Tender Option Bonds: | 4.25% | |
VMTP Shares: | 37.62% | |
Total Fund Leverage: | 43.48%* | |
Average Maturity: | 5.81 Years | |
Effective Duration: | 4.94 Years | |
Total Net Assets: | $393.53 Million** | |
Common Stock Net Asset Value: | $13.69 | |
Total Number of Holdings: | 189 | |
Portfolio Turnover: | 5.00% | |
* The total percentage of leverage constitutes 4.25% through the use of tender option bonds, 37.62% in issued and outstanding VMTPs and 1.61% 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. |
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SOURCE AB National Municipal Income Fund