AB National Municipal Income Fund Releases Monthly Portfolio Update

·4 min read

NEW YORK, May 24, 2022 /PRNewswire/ -- AB National Municipal Income Fund [NYSE: AFB] (the "Fund") today released its monthly portfolio update as of April 30, 2022.

AB National Municipal Income Fund







Top 10 Fixed-Income Holdings


Portfolio %

1) Metropolitan Transportation Authority Series 2016-2 5.25%, 11/15/35


2.42%

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


2.20%

3) Central Plains Energy Project Series 2017-A 5.00%, 09/01/42


1.71%

4) Jefferson County Board of Education/AL Series 2018 5.00%, 02/01/46


1.70%

5) Wisconsin Public Finance Authority Series 2018 5.00%, 07/01/58


1.64%

6) Detroit Downtown Development Authority Series 2018-A 5.00%, 07/01/48


1.63%

7) Los Angeles Department of Water & Power Power System Revenue Series 2013-B 5.00%, 07/01/30


1.61%

8) Wisconsin Public Finance Authority Series 2022 5.00%, 02/01/62


1.57%

9) Miami Beach Health Facilities Authority Series 2014 5.00%, 11/15/39


1.50%

10) Tobacco Settlement Financing Corp./NJ Series 2018-A 5.00%, 06/01/46


1.48%




Sector/Industry Breakdown


Portfolio %

Revenue



Health Care - Not-for-Profit


21.14%

Airport


7.61%

Toll Roads/Transit


7.56%

Revenue - Miscellaneous


5.56%

Electric Utility


5.19%

Industrial Development - Industry


2.70%

Prepay Energy


2.53%

Higher Education - Private


2.29%

Tobacco Securitization


2.25%

Water & Sewer


2.20%

Primary/Secondary Ed. - Public


1.37%

Higher Education - Public


1.06%

Port


0.68%

Industrial Development - Utility


0.49%

Senior Living


0.23%

SUBTOTAL


62.86%

Tax Supported



Special Tax


13.54%

State G.O.


7.73%

Assessment District


2.12%

Local G.O.


1.98%

State Lease


1.10%

SUBTOTAL


26.47%

Prerefunded/ETM


9.08%

Cash & Cash Equivalents



Funds and Investment Trusts


0.99%

SUBTOTAL


0.99%

Asset-Backed



Housing - Multi-Family


0.46%

SUBTOTAL


0.46%

Commercial Mortgage-Backed Securities


0.14%

Total


100.00%




State Breakdown


Portfolio %

California


11.69%

Illinois


10.93%

New York


9.14%

Pennsylvania


7.69%

New Jersey


7.51%

Florida


5.06%

Wisconsin


5.00%

Connecticut


4.74%

Texas


3.91%

Michigan


3.05%

South Carolina


2.98%

Alabama


2.38%

North Carolina


1.95%

Colorado


1.81%

Ohio


1.79%

Georgia


1.72%

Nebraska


1.71%

Oklahoma


1.71%

Minnesota


1.48%

Tennessee


1.41%

Arizona


1.40%

Utah


1.15%

Maryland


1.11%

Iowa


0.99%

Virginia


0.99%

District of Columbia


0.97%

Kansas


0.85%

Kentucky


0.83%

West Virginia


0.64%

Massachusetts


0.53%

Puerto Rico


0.52%

Hawaii


0.40%

Arkansas


0.33%

Indiana


0.20%

Louisiana


0.17%

Washington


0.14%

New Hampshire


0.13%

Other


0.99%

Total Investments


100.00%




Credit Quality Breakdown


Portfolio %

AAA


4.60%

AA


28.12%

A


32.43%

BBB


21.50%

BB


2.33%

D


0.20%

Not Rated


0.75%

Pre-refunded Bonds


9.08%

Short Term Investments


0.99%

Total


100.00%




Bonds by Maturity


Portfolio %

Less than 1 Year


4.39%

1 To 5 Years


6.55%

5 To 10 Years


16.66%

10 To 20 Years


29.13%

20 To 30 Years


35.45%

More than 30 Years


7.82%

Other


0.00%

Total Net Assets


100.00%




Portfolio Statistics:



AMT Percent:


9.23%

Average Coupon:


4.88%

Percentage of Leverage:



Bank Borrowing:


0.00%

Investment Operations:


2.87%

Auction Preferred Shares (APS):


0.00%

Tender Option Bonds:


4.40%

VMTP Shares:


38.98%

Total Fund Leverage:


46.25%*

Average Maturity:


    6.74 Years

Effective Duration:


    5.44 Years

Total Net Assets:


$373.22 Million**

Common Stock Net Asset Value:


$12.98

Total Number of Holdings:


189

Portfolio Turnover:


5.00%




* The total percentage of leverage constitutes 4.40% through the use of tender option bonds, 38.98%  in issued and outstanding VMTPs and 2.87% 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 AllianceBernstein National Municipal Income Fund, Inc.