AB National Municipal Income Fund Releases Monthly Portfolio Update

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
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%
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%
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%
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%
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%
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%
* 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.
** 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