AB National Municipal Income Fund Releases Monthly Portfolio Update

NEW YORK, June 27, 2022 /PRNewswire/ -- AB National Municipal Income Fund [NYSE: AFB] (the "Fund") today released its monthly portfolio update as of May 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		2.41 %
2) State of Connecticut Special Tax Revenue Series 2012-A 5.00%, 01/01/29		2.22 %
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		1.74 %
5) Wisconsin Public Finance Authority Series 2018 5.00%, 07/01/58		1.67 %
6) Detroit Downtown Development Authority Series 2018-A 5.00%, 07/01/48		1.65 %
7) Wisconsin Public Finance Authority Series 2022 5.00%, 02/01/62		1.64 %
8) Los Angeles Department of Water & Power Power System Revenue Series 2013-B 5.00%, 07/01/30		1.63 %
9) Tobacco Settlement Financing Corp./NJ Series 2018-A 5.00%, 06/01/46		1.50 %
10) Miami Beach Health Facilities Authority Series 2014 5.00%, 11/15/39		1.50 %
Sector/Industry Breakdown		Portfolio %
Revenue
Health Care - Not-for-Profit		21.16 %
Airport		7.71 %
Toll Roads/Transit		7.70 %
Revenue - Miscellaneous		5.61 %
Electric Utility		5.28 %
Higher Education - Private		2.80 %
Prepay Energy		2.62 %
Industrial Development - Industry		2.61 %
Tobacco Securitization		2.32 %
Water & Sewer		2.22 %
Primary/Secondary Ed. - Public		1.41 %
Port		0.69 %
Industrial Development - Utility		0.49 %
Higher Education - Public		0.47 %
Senior Living		0.23 %
SUBTOTAL		63.32 %
Tax Supported
Special Tax		13.73 %
State G.O.		7.82 %
Assessment District		2.15 %
Local G.O.		1.86 %
State Lease		1.12 %
SUBTOTAL		26.68 %
Prerefunded/ETM		9.20 %
Asset-Backed
Housing - Multi-Family		0.46 %
SUBTOTAL		0.46 %
Cash & Cash Equivalents
Funds and Investment Trusts		0.20 %
SUBTOTAL		0.20 %
Commercial Mortgage-Backed Securities		0.14 %
Total		100.00 %
State Breakdown		Portfolio %
California		11.21 %
Illinois		11.07 %
New York		9.22 %
Pennsylvania		7.68 %
New Jersey		7.62 %
Wisconsin		5.18 %
Florida		5.16 %
Connecticut		4.78 %
Texas		3.97 %
South Carolina		3.01 %
Michigan		2.92 %
Alabama		2.43 %
North Carolina		1.95 %
Ohio		1.86 %
Colorado		1.81 %
Nebraska		1.79 %
Georgia		1.76 %
Oklahoma		1.73 %
Minnesota		1.47 %
Tennessee		1.43 %
Arizona		1.42 %
Utah		1.17 %
Maryland		1.08 %
Virginia		1.06 %
District of Columbia		0.98 %
Kentucky		0.84 %
Iowa		0.83 %
Kansas		0.83 %
Indiana		0.67 %
West Virginia		0.64 %
Massachusetts		0.53 %
Puerto Rico		0.52 %
Hawaii		0.41 %
Arkansas		0.32 %
Louisiana		0.18 %
Washington		0.14 %
New Hampshire		0.13 %
Other		0.20 %
Total Investments		100.00 %
Credit Quality Breakdown		Portfolio %
AAA		4.66 %
AA		27.78 %
A		34.04 %
BBB		20.31 %
BB		2.85 %
D		0.21 %
Not Rated		0.75 %
Pre-refunded Bonds		9.20 %
Short Term Investments		0.20 %
Total		100.00 %
Bonds by Maturity		Portfolio %
Less than 1 Year		4.32 %
1 To 5 Years		5.95 %
5 To 10 Years		16.08 %
10 To 20 Years		29.46 %
20 To 30 Years		35.76 %
More than 30 Years		8.43 %
Other		0.00 %
Total Net Assets		100.00 %
Portfolio Statistics:
AMT Percent:		10.87 %
Average Coupon:		4.79 %
Percentage of Leverage:
Bank Borrowing:		0.00 %
Investment Operations:		1.29 %
Auction Preferred Shares (APS):		0.00 %
Tender Option Bonds:		4.37 %
VMTP Shares:		38.70 %
Total Fund Leverage:		44.36%*
Average Maturity:		6.64 Years
Effective Duration:		5.36 Years
Total Net Assets:		$377.05 Million**
Common Stock Net Asset Value:		$13.12
Total Number of Holdings:		187
Portfolio Turnover:		5.00 %
* The total percentage of leverage constitutes 4.37% through the use of tender option bonds, 38.70%  in issued and outstanding VMTPs and 1.29% 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