AB National Municipal Income Fund Releases Monthly Portfolio Update

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