PR Newswire
NEW YORK , March 29, 2022 /PRNewswire/ -- AB National Municipal Income Fund [NYSE: AFB] (the "Fund") today released its monthly portfolio update as of February 28, 2022 .
AB National Municipal Income Fund | | |
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Top 10 Fixed-Income Holdings | | Portfolio % |
1) Metropolitan Transportation Authority Series 2016-2 5.25%, 11/15/35 | | 2.44% |
2) State of Connecticut Special Tax Revenue Series 2012-A 5.00%, 01/01/29 | | 2.11% |
3) Central Plains Energy Project Series 2017-A 5.00%, 09/01/42 | | 1.90% |
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 | | 1.68% |
6) Detroit Downtown Development Authority Series 2018-A 5.00%, 07/01/48 | | 1.58% |
7) Los Angeles Department of Water & Power Power System Revenue Series 2013-B 5.00%, 07/01/30 | | 1.55% |
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 | | 1.44% |
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Sector/Industry Breakdown | | Portfolio % |
Revenue | | |
Health Care - Not-for-Profit | | 21.85% |
Toll Roads/Transit | | 7.64% |
Airport | | 7.62% |
Revenue - Miscellaneous | | 5.85% |
Electric Utility | | 5.22% |
Prepay Energy | | 2.71% |
Tobacco Securitization | | 2.38% |
Higher Education - Private | | 2.15% |
Water & Sewer | | 2.13% |
Higher Education - Public | | 1.01% |
Primary/Secondary Ed. - Public | | 0.99% |
Port | | 0.68% |
Industrial Development - Utility | | 0.46% |
Industrial Development - Industry | | 0.34% |
Senior Living | | 0.25% |
SUBTOTAL | | 61.28% |
Tax Supported | | |
Special Tax | | 14.70% |
State G.O. | | 7.64% |
Local G.O. | | 2.76% |
Assessment District | | 2.06% |
State Lease | | 1.12% |
SUBTOTAL | | 28.28% |
Prerefunded/ETM | | 9.59% |
Asset-Backed | | |
Housing - Multi-Family | | 0.47% |
SUBTOTAL | | 0.47% |
Cash & Cash Equivalents | | |
Funds and Investment Trusts | | 0.23% |
SUBTOTAL | | 0.23% |
Commercial Mortgage-Backed Securities | | 0.15% |
Total | | 100.00% |
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State Breakdown | | Portfolio % |
California | | 12.09% |
Illinois | | 11.11% |
New York | | 10.23% |
New Jersey | | 8.23% |
Pennsylvania | | 7.58% |
Florida | | 4.73% |
Connecticut | | 4.61% |
Texas | | 3.96% |
Michigan | | 3.70% |
Wisconsin | | 3.37% |
South Carolina | | 3.06% |
Alabama | | 2.41% |
North Carolina | | 1.99% |
Ohio | | 1.94% |
Nebraska | | 1.90% |
Colorado | | 1.79% |
Georgia | | 1.78% |
Oklahoma | | 1.76% |
Minnesota | | 1.50% |
Arizona | | 1.43% |
Tennessee | | 1.39% |
Utah | | 1.17% |
Maryland | | 1.09% |
Virginia | | 1.07% |
District of Columbia | | 0.94% |
Kansas | | 0.86% |
Kentucky | | 0.80% |
West Virginia | | 0.66% |
Massachusetts | | 0.53% |
Puerto Rico | | 0.53% |
Hawaii | | 0.40% |
Arkansas | | 0.32% |
Indiana | | 0.19% |
Iowa | | 0.19% |
Louisiana | | 0.18% |
Washington | | 0.15% |
New Hampshire | | 0.13% |
Other | | 0.23% |
Total Investments | | 100.00% |
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Credit Quality Breakdown | | Portfolio % |
AAA | | 4.49% |
AA | | 30.23% |
A | | 32.06% |
BBB | | 20.09% |
BB | | 2.33% |
D | | 0.19% |
Not Rated | | 0.79% |
Pre-refunded Bonds | | 9.59% |
Short Term Investments | | 0.23% |
Total | | 100.00% |
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Bonds by Maturity | | Portfolio % |
Less than 1 Year | | 3.82% |
1 To 5 Years | | 7.57% |
5 To 10 Years | | 15.54% |
10 To 20 Years | | 30.57% |
20 To 30 Years | | 35.75% |
More than 30 Years | | 6.75% |
Other | | 0.00% |
Total Net Assets | | 100.00% |
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Portfolio Statistics: | | |
AMT Percent: | | 10.06% |
Average Coupon: | | 4.97% |
Percentage of Leverage: | | |
Bank Borrowing: | | 0.00% |
Investment Operations: | | 1.56% |
Auction Preferred Shares (APS): | | 0.00% |
Tender Option Bonds: | | 4.10% |
VMTP Shares: | | 36.29% |
Total Fund Leverage: | | 41.95% * |
Average Maturity: | | 5.50 Years |
Effective Duration: | | 4.81 Years |
Total Net Assets: | | $415.08 Million ** |
Common Stock Net Asset Value: | | $14.44 |
Total Number of Holdings: | | 188 |
Portfolio Turnover: | | 5.00% |
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* The total percentage of leverage constitutes 4.10% through the use of tender option bonds, 36.29% in issued and outstanding VMTPs and 1.56% 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. | | |
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** 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. | | |
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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